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Old 01-07-2014, 04:03 PM
 
61 posts, read 90,578 times
Reputation: 26

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Hello, i live in garland, and here we have a first time home buyers program grant wich they give you up to $10,000 for down pmnt and closing cost. I was wondering if there's such an aid in other cities like rowlett or richardson? Or any other kinda program related. Thanks
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Old 01-07-2014, 04:19 PM
 
30 posts, read 36,093 times
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What's the catch?
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Old 01-07-2014, 10:33 PM
 
61 posts, read 90,578 times
Reputation: 26
That i have to be living in the house for 5 years.
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Old 01-08-2014, 05:22 AM
 
2,002 posts, read 4,084,128 times
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Only the city of Garland?
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Old 01-08-2014, 09:24 AM
 
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It's an incentive to entice people to move to Garland who otherwise wouldn't consider it. Richardson has zero need to do that.
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Old 01-08-2014, 10:39 AM
 
515 posts, read 572,413 times
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Interesting, but if the catch is that only the cities that people aren't clamoring to live in are offering this, then I'd have to pass.
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Old 01-08-2014, 02:56 PM
 
Location: Dallas TX & AL Gulf Coast
6,848 posts, read 10,139,810 times
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.
See all of the Texas cities first-time home buyer assistance programs - along with many other types of home assistance programs that are offered all across Texas - i.e., like down payment, rehabilitation, mortgage credit, home repair, etc.:

Texas Home Assistance Programs
.

In addition, there are many Federal home assistance programs, here are a few of many:

Buying a Home/U.S. Department of Housing & Urban Development

FHA Down Payment Grants ! Amerdream

Freddie Mac - Bridging the Down Payment Gap

Fannie Mae - Know Your Options
.
.
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Old 01-08-2014, 03:04 PM
 
515 posts, read 572,413 times
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Those all seem to either be for low income people or people moving to an underdeveloped area. Or in the case of FHA, you have to deal with PMI.

I wish Obama's FTHB tax credit had started a few years later than it did. I was in my last semester of college when that came around.
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Old 01-08-2014, 10:54 PM
 
Location: Dallas/Fort Worth, Texas
4,142 posts, read 13,475,194 times
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Most cities have some kind of downpayment assistance program, even Plano which is not an undeveloped area nor a non-desirable area. These monies don't have to be repaid. However the state of Texas has a bond program that has to be repaid after you sell the home called Bond 79. You don't have to repay it if you are a public servant such as a teacher, firefighter, police, etc. There are of course income limitations on each program.

Most cities run out of money quickly too. You have to speak to your loan officer and check the website of the city you are interested in. Anytime you pay less than 20% down you will be facing either PMI for FHA or MIP for a conventional loan.

Honestly, I'm not up-to-date on the exact limitations on each program but that is why your loan officer is the perfect source to go to. Ask him about NACA too.

Naima
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Old 01-09-2014, 02:09 PM
 
61 posts, read 90,578 times
Reputation: 26
Yeah, That's why I was wondering if there was another assistance in other cities because I don't wanna buy in Garland!
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