first time homebuyers assistance program in Texas (San Antonio, Center: low income, real estate)

[jons_wifey]

Hi;

A friend mentioned to me that there are several first time homebuyers assistance programs out there in Texas that assist with little to no money down. She cannot remember the names of these programs, but I wanted to ask the SA forum if anyone ever heard of these assistance programs.
No I am not talking about assistance to military families coz I'm not military.

Hope anyone can share their experience with using a homebuyers assistance program to purchase their first house.

[Hedgehog_Mom]

San Antonio has a program: City of San Antonio | Official Web Site - Planning and Community Development
You have to have good credit and enough income to make a house payment in order to qualify, and the maximum house price is $110,000. (seems like enough until you actually look for a house here). They have a class to help people improve their credit too.

You could also try a USDA loan as long as you don't mind living in a rural area. You can do a USDA loan with zero down. Your credit has to be okay too.

I remember from your other posts that you're going to have a baby soon. That means next year you'll get more money back on your income taxes, which you could use for the down payment for a house, if you can wait that long to buy one.

[jons_wifey]

Hi again Hedgehog_Mom

Yes, baby due in July, but right now we are looking into renting a house in Braun area. Yep we are not looking to purchase a house just yet this year. But rather just looking into these programs and how they work etc.

i spoke to a realtor yesterday she told me there was one program with an APR of 4.99% and with as little as 3% downpayment.

I am slowly building mt credit also.
Plus my parents want to help with putting money down.

But definately not this year.

I went to my friends house in Selma, just outside the 1604 or on the 35, a new neighborhood called Kensington ranch. Really nice neighborhood and not to far from where I work on the 1604, so we might look at that area. Plus my friend also told me the property taxes are cheaper in Selma than Central SA.

[Stabart47]

Have we learned nothing from the current real estate debacle? If you can't afford a down payment without your parents helping, you can't afford a house! You will just set yourself up to walk away and that punishes those who keep paying their mortgages. Keep saving until you can depend on yourself only and make sure your credit is pristine. And yes, before I get yelled at... we have moved back home, but since we are still homeowners in SA, paying property taxes and a mortgage on a house that keeps losing value, I have a vested interest.

[jons_wifey]

1. Is it a crime if my parents want to help with money down!?!?
2. is it against the Law?
3. Is it any of your business?
4. remind me again where texas has these assistance programs in the first place?

is it for low income earners? or is it a deal for people who want to get on the housing market to purchase a home for the first time??

as long as I can afford the $1000 + mortgage payments, then it shouldn't be no biggie.

[smarkham]

Originally Posted by jons_wifey

1. Is it a crime if my parents want to help with money down!?!?
2. is it against the Law?
3. Is it any of your business?
4. remind me again where texas has these assistance programs in the first place?

is it for low income earners? or is it a deal for people who want to get on the housing market to purchase a home for the first time??

as long as I can afford the $1000 + mortgage payments, then it shouldn't be no biggie.

I agree with you. If you had posted instead that your parents would help you with your mortgage payments or taxes...well, that would raise a red flag.

All of my my friends who have received a cash gift towards a house from relatives have never been late with a payment.

Best of luck and I commend you on doing your research before buying.

Cheers

[Stabart47]

Frankly, YOU made it mine and everyone else's business when you posted. We had a young couple next door to us in SA who somehow "qualified" for a $200,000 house-- even though their parents gave them the downpayment and they made $40,000 a year! They bragged to us about it. Fast forward three years and they have walked away, taking every other neighbor's home value down with them. So, it is my business on many levels. You need to get over thinking you DESERVE a house and keep saving YOUR money... not only for a downpayment, but you should have six months worth of all living expenses saved. Homes are a huge committment and until you can responsibly buy one, please rent... for the sake of all of us.

[smarkham]

Hello.

Your thread is about help with assistance programs for first time homebuyers. I'd like to apologize since I'm straying a bit since you did not ask for help about deciding whether to buy a home or any other aspect of homeownership. However I found this great article on CNNMoney.

Money101 Lesson 8: Buying a Home

I find their advice savvy, probably because it's written by industry experts.

I wish you well.

Cheers!

[ashbeeigh]

A poster asked for direction to a FTHB assistance program, not for a pro/con reason to buy a house. I'm sure they have gone of that themselves. They are adults.

Here are 3 other options because the city of San Antonio is always busy:
Affordable Housing Centers of America - Homebuyers - Homebuyer Assistance (http://www.ahcoa.org/homebuyers/assistance.cfm - broken link)
Financial Capacity Building
Avenida

[jons_wifey]

you are a JOKE Stabart47!!!

I take it you are some sort of mind reader??? or do you like to ASSUME that if my and my husband were to buy our first home that we will fall into default like that young couple you mentioned???

take it from smarkham

did I ask for your OPINION on whether or not I should purchase a home!?!? because quite FRNAKLY I don't see that noted ANYWHERE in my first post?? perhaps learn to read a bit better?