First Time Homebuyers programs. Any tips? (Houston, Katy: low crime, mortgages, loan)

[kpearce88]

I’ve been trying to relocate to Houston for a couple months now. I’ve done a lot of research and still at it. I’m 30 yr black male married with 3 kids. I recently was searching on google and found a program in Texas that I believe pays up to $30k if I read it correctly. Says it covers downpayment and closing cost. Looking to purchase a 4 bedroom with at least two bathrooms under $180k if possible. My job will be located downtown so looking for something that isn’t a horrible commute. Really like the Katy area but think it maybe a little too far. I know any area could potentially flood but looking for areas where it’s less likely to happen. Anyone have any advice on where I should look and what homebuyer programs you’ve used? I’m not from Houston and looking to move there in the spring. Plan to visit in the next couple of months.

[NativeHouston]

HAP - https://www.houstontx.gov/housing/hap.html

CRA loan program - https://cadencebank.com/personal/mor...e-loan-program

[rnd915]

Hi there! Houston floods, so no matter what part you move to, flooding is likely to occur. Next, the commute for everyone in the suburbs is 40 minutes+, especially in rush hour.

There are plenty of homes, in your price range, but try to figure out what you want the most. Is it good schools, church, shopping, restaurants, or only the commute? All of these can play a huge part in where you would live. For example, if you want a 20 minute commute, you will need to live inside the loop, 610 or a highway that leads directly to your job.

Where are you moving from?

[kpearce88]

Originally Posted by rnd915

Hi there! Houston floods, so no matter what part you move to, flooding is likely to occur. Next, the commute for everyone in the suburbs is 40 minutes+, especially in rush hour.

There are plenty of homes, in your price range, but try to figure out what you want the most. Is it good schools, church, shopping, restaurants, or only the commute? All of these can play a huge part in where you would live. For example, if you want a 20 minute commute, you will need to live inside the loop, 610 or a highway that leads directly to your job.

Where are you moving from?

I’m moving from Baltimore, MD. Mainly wanted good schools for the kids and low crime. That’s what had me looking at Katy. Believe that’s pretty far from downtown. I understand flood happens just want to find somewhere it’s less likely to flood a house. Believe I read the streets are designed to flood.

[kpearce88]

Originally Posted by NativeHouston

HAP - https://www.houstontx.gov/housing/hap.html

CRA loan program - https://cadencebank.com/personal/mor...e-loan-program

Yes, that’s the program I was referring to. Trying to find an area I can look in so I can figure out if it pays taxes to the City of Houston (one of the requirements).

I did not know about Cadence Bank and their loan. Do you know if you can use both programs?

[NativeHouston]

I just reread your post and most likely the Cadence CRA program won't work for the areas you're looking in. The CRA works for LMI (low/median) census tracts - https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx

[kpearce88]

Originally Posted by NativeHouston

I just reread your post and most likely the Cadence CRA program won't work for the areas you're looking in. The CRA works for LMI (low/median) census tracts - https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx

I’ll look at the map. Not set on a specific area yet.

[rnd915]

I think you'll benefit moving into an LGI home or KB home if you don't care for the bells and whistles of a masterplanned community. In Katy, there are some homes that fits that price range for new construction and preowned homes. A friend of mine said they moved into an LGI home for $1000 at closing. That was some time ago, but you can still own a home in Katy at $180,000.

Most programs are low to moderate income for first time buyers, but they all have steep commitments.

Seth grant - high interest rate
Tdhsc grant - must be a cop, emt, nurse, firefighter etc.
Home sweet home grant - can't move out for a certain amount of years.

There are more, but are secluded to a target area, or a not so hot place to be. Your best bet is to get a realtor and go for new construction. Most new builders offer incentives when you use their lender but have the realtor negotiate all the details. Look for realtors that says they will help with closing costs if you really need the assistance.

[kpearce88]

Originally Posted by rnd915

I think you'll benefit moving into an LGI home or KB home if you don't care for the bells and whistles of a masterplanned community. In Katy, there are some homes that fits that price range for new construction and preowned homes. A friend of mine said they moved into an LGI home for $1000 at closing. That was some time ago, but you can still own a home in Katy at $180,000.

Most programs are low to moderate income for first time buyers, but they all have steep commitments.

Seth grant - high interest rate
Tdhsc grant - must be a cop, emt, nurse, firefighter etc.
Home sweet home grant - can't move out for a certain amount of years.

There are more, but are secluded to a target area, or a not so hot place to be. Your best bet is to get a realtor and go for new construction. Most new builders offer incentives when you use their lender but have the realtor negotiate all the details. Look for realtors that says they will help with closing costs if you really need the assistance.

Never thought of new construction. I’ll check it out. Thanks.