First time home buyer programs in Texas could mean different things to different people.  And, there are actually of many different programs and pieces to consider.   A first-time home buyer program in Texas could apply to quite a few different things. The standard definition for a “first time home buyer” is to not have owned any real estate in the last 3 years.   So this could apply to the actual mortgage, but it could also apply to down payment assistance or maybe a Bond program offered by a City or a State Program. There are several different variations of assistance programs that you could qualify for as a first time home buyer.  Many people don’t realize that there are many variations to a “First Time Home Buyer Program.”  It could mean an entire mortgage loan designed to help First Time Home Buyers in Texas to make it easier to own a home.  It could also mean a Down Payment Assistance Program and/or Closing Cost Assistance program that is used in addition to a mortgage.

So, a good starting point  is to figure out what kind of program is available and which one you qualify for.  Not all programs are the same, and requirements for areas, credit scores, and other items could determine if you could qualify or not.  Here at Help For Home Buyers, we offer over 10 different variations of first-time home buyer programs, along with six different Down Payment Assistance Programs.   That means it could be a first-time home buyer mortgage with a low down payment with lenient or lower credit score requirements. Another one could be a combination of a mortgage along with a separate down payment assistance program that may cover your down payment or closing costs or both.

The best approach is to prepare yourself in advance with a mortgage approval and program selection.  That means you really need to get educated on what’s available and what you qualify for to make plans accordingly.  If you need to make some adjustments to qualify, then you have time to make those changes and be ready 100% to purchase a home.  Knowing your options will make the home-buying process much easier and much more enjoyable.  Also, knowing exactly how the program works, how much money you’re going to need, and what your monthly payment will be will make the process faster and easier.   Here at Help For Home Buyers, we prepare our buyers so that they know exactly what to expect before you even start shopping for a house.

Many people make the mistake of not shopping for all their loan and mortgage options in advance and wait until the last minute after they’ve chosen a house to figure out which program is going to fit them best.   Once you’re under contract you’re going to have a very limited amount of time to sort out your finances because the seller is going to give you time deadlines for each part of the contract.  At Help For Home Buyers, we always recommend to get your qualification in advance and find out which program or programs are going to fit you the best. Not only which programs but how they are different p0how the down payments are different how the payments are different how the interest rates change and also how the fees change.   there is nothing free in this world so the majority of programs has a way of paying itself back, either by an increased interest rate or increase fees. So, either way this will affect your loan amount and your monthly payment. There are only a very limited amount of actual grants that exist and they usually are harder to get and not as available as the majority of the other programs available. So, know your options. Find out what fits you best and if it’s even going to work for you.T