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Wednesday, 1 August 2012

Apply Free Grants For First-Time Home Buyers in Texas-Free Home Grants

Apply Free Grants For First-Time Home Buyers in Texas-Free Home Grants
If you've never bought a home before and you live in or are thinking of moving to Texas, there are programs designed to help with your financing. The state of Texas gives grants to first-time home buyers for things such as closing costs and down payments. Some grants, as of 2009, are awarded or allotted in amounts of more than $1,000.
Down Payment Assistance
The Texas Department of Housing and Community Affairs has created a program to assist first-time home buyers with down payments as a result of funding from the 2009 American Recovery & Reinvestment Act. The grant is in the form of Bond Program 74 that is really a 10-year deferred forgivable second mortgage lien for the purpose of making a down payment and for assistance with closing costs. The lien does not require payments, but it is prorated out over the 10-year period. If the home is sold, refinanced, or no longer used as a primary occupied residence for any reason, the amount of the grant assistance that has not been forgiven will have to be repaid.
Mortgage Advantage Program
The Mortgage Advantage Program is administered on a first-come, first-serve basis to participating mortgage lenders. Money is available as of the last quarter of 2009 for use of low-interest funds in coordination with the 2009 Texas Mortgage Credit Program and the Texas First-Time Home buyer Program (Bond 70).
Mortgage Credit Program
The Texas Department of Housing and Community Affairs makes home ownership possible through the Mortgage Credit Program (MCP) for Texas residents who want to buy a new or resale home. First-time home buyers are encouraged to apply for the credit through a Participating Lender that is shown on their website.
Texas First-Time Home Buyer Bond
Besides down payment assistance and mortgage tax credits, the state of Texas offers assistance in the form of below-market interest rates on loans. Over the long term, it is like "free money" in the bank because these borrowers do not pay the higher market interest rates on FHA (Federal Housing Administration)-backed or traditional loans.
About HUD Assistance
The Department of Housing and Urban Development (HUD) does not offer direct grants or loans to individuals. HUD does provide financial assistance to local governments and non-profit organizations to assistance available to individuals, however. Grants do not cover all of the costs of purchasing a home, but if you do qualify through one of the granting organizations, you will be required to attend a HUD-approved home counseling class. The FHA in 2009 allows home buyers to take an $8,000 first-time home buyer tax credit toward the purchase of an FHA-insured home.

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