2014 TDHCA Income Limits

The Texas dept. of housing and community affairs (TDHCA) has released their new 2014 income limits for the down payment assistance program. They have also made a few changes as to how maximum household income is calculated. They will no longer count a non-borrowing household member when calculating the maximum allowed household income for the program. For example, if only one spouse is going on the loan, in the past, the program counted the non borrowing spouse income to … Continue reading

Houston Down Payment Assistance

Houston offers various down payment assistance programs. Houston residents can either utilize the various State programs that are available or can apply with the Houston Down Payment Assistance Housing Authority. Houston Hope Program(Local Houston Program) Eligible Properties • Single family homes/Duplex • Condos/Townhomes(Please note that condos can sometimes be difficult to finance so ask your lender about it) • Modular and Manufactured homes(Not all lenders will allow manufactured homes so please ask your lender about it) **The property … Continue reading

2014 Dallas Mortgage Assistance Program funds

Updated  funds for the Dallas down payment assistance program have been released. The funds are available on a first come, first serve basis. This grant program can be used for existing homes or new construction. For more information you can visit the Dallas Mortgage Assistance website. The grant is intended to help with down payment and/or closing costs for existing homes or new construction. Dallas Mortgage Assistance Funds The available funds should be sufficient to help home buyers for … Continue reading

New 2014 TSAHC Income Limits

TSAHC has just come out with new income limits for 2014. TSAHC income limits will be slightly higher than 2013.  Check out the PDF below for individual County limits. TSAHC has also made a pretty big change in regards to how they calculate income. Before, they would use the entire family income to analyze whether somebody would qualify for the program but now the just use the borrowing individuals income. So for example they will not count an employed non … Continue reading

Common Q&A about Odessa down payment assistance

Most common Q&A about the Odessa Down payment assistance program per the Odessa City website. Do I have to be a current resident of Odessa? No, you do not have to be a resident of Odessa; however, the assistance is only available to households looking to purchase a home within the city limits of Odessa. Can I buy a home in Midland? No, the home can only be purchased within the city limits of Odessa. … Continue reading

Why the MCC Tax Credit is awesome

Ever since the seller paid down payment assistance programs went away, federal grant programs have become extremely popular. One program that folks are really not taking advantage of is the MCC tax credit. A lot of lenders don’t offer it because it doesn’t make them any money and it’s just extra work for the loan officer without any compensation. This is a pretty awesome program that I think everyone should be getting in my opinion. … Continue reading

Odessa Texas First-time Home Buyer Programs

Down Payment and Closing Costs Assistance in Odessa Program#1 Along with a 30 year fixed FHA loan, the home buyer program offers down payment and closing cost assistance to qualifying low-income residents looking to purchase a home in Odessa. For existing homes we provide 5% or 10% down payment assistance and up to $3,500 in closing costs assistance for homes less than $95,000. The program also offers down payment assistance on a sliding scale based on family income with up to … Continue reading

Why you should use down payment assistance

You’re ready to buy a house and you’ve been saving for a down payment for months. You’ve slowly saved $8,000 and you’re ready to go to your closing! You hand the check over to the closer and get the keys to your new home. Finally, you’ve become a homeowner! A few weeks after moving into your new home, the fridge starts making a weird noise. You start thinking maybe a newer fridge would be a good idea. You get online … Continue reading