Down-Payment Assistance Program – Texas

Down-Payment Assistance Program – Texas

By Leesa Sandoval June 26, 2009

This program allows a first time home buyer in Texas to monetize the $8000 tax credit and apply it to their down-payment and closing costs.

Funds are available on a first come, first served basis.  Currently only $5 Million has been allocated for this program.

Requirements:

• No one on the loan may have owned a home within the last 3 years
• Home must be new or resale and used as a principal residence
• Allows for financing of single family detached homes, town homes, and condos
• Purchase must occur between 01/01/09 and 12/01/09
• Minimum credit score of 620 required on all borrowers
• Income limits: $75,000.00 for a single  taxpayer and $150,000.00 for married taxpayers
• Home buyer class is required

This is a great program for those who are a bit short on cash to close.  There’s nothing worse than finding the home you wish to buy and draining all of your savings to make the purchase a reality.

For more information or to apply please call Leesa Sandoval at 972-725-9110  www.leesasandoval.com