Texas is one of the richest states in the country. In terms of economic growth, Texas has enjoyed a boom in the recent years. Another economic sector has emerged in the state’s economic scene — the growing housing market. Many housing industry experts believe Texas’ housing market is evolving.
This growth is greatly attributed to the decline in unemployment rate and rise in income in many Texan cities.
For example, San Antonio has enjoyed a significant income growth in the first quarter of 2017, increasing by 4.5 percent from a year ago. This rise has surpassed the national average by nearly one percentage point.
Individuals and families are looking for new homes are also enjoying reasonably priced properties as the state’s housing market improves.
For borrowers who keep good credit standings, and have a stable income, finding the best mortgage rates in Texas can be a lot easier. Mortgage rates for fixed-rate loans with a 30-year term are still below 4 percent. Those with a 15-year term, mortgage rates flutter just above 3 percent.
A Chance to have a Home of Your Own
For Texans who have been wanting to buy a home but are hindered by the down payment requirements on most mortgage programs, there are still ways to push through with the purchase. There are various loan and down payment assistance programs available to help them in homeownership.
The Texas State Affordable Housing Corporation or TSAHC has housing loans and down payment assistance which aims to help low- and moderate-income homebuyers and the community’s frontline personnel.
For the firefighters, teachers, police officers, emergency medical personnel, correctional officers and Veterans, TSAHC has Homes for Texas Heroes Home Loan Program. For low and moderate income Texan buyers, the Home Sweet Texas Home Loan Program is available. The mortgage programs are available in a 30-year term with varied interest rates and loan options.
What do eligible homebuyers get from these programs?
- The down payment assistance is in a form of a grant which does not need to be repaid.
- The assistance is equal to three to five percent of the loan amount
- It is available all throughout the state of Texas and is accessed through participating lenders.
- TSAHC doesn’t require any given period of time that the homebuyer needs to live in the property.
In addition, the individual doesn’t have to be a first-time homebuyer to be eligible. However, those who are first-time buyers may even apply for an MCC.
If you want to start looking for down payment assistance, start by looking for participating mortgage lenders.
To make your search more convenient, DPAsearch.com can get you in touch with a lender so you can discuss with them your homeownership plans. Aside from the down payment assistance from TSAHC, you may also discover other assistance options that can work well with your mortgage program of choice.
Texas’ growing economy, improving employment rate and the housing market’s steady rate are good combinations if you’re planning to purchase a home. Check with an expert on how you can work your way into achieving your goals.