Frequently Asked Questions
Here you will find answers to questions you might have about down payment assistance and the process of buying your new home.
| Q: |
What are the minimum requirements to receive homebuyers’ assistance? |
| A: |
you must have a secure job where you are making at least $30,000 a year, and have no major credit problems. If your credit score is below 560 you should not apply. |
| Q: |
how do I check my credit to find out if I qualify? |
| A: |
there are various credit reporting agencies that can provide you a free credit report. We suggest you go to free credit report.com, free credit report instantly.com or annualcreditreport.com |
| Q: |
do I have to be a first time homebuyer to qualify? |
| A: |
the Texas Department of Housing under the direction of Governor Rick Perry has introduced a program that contains no first time homebuyer requirements. Everyone qualifies, so long as your credit scores are reasonably good. |
| Q: |
what is the maximum amount of down payment assistance |
| A: |
the amount is now up to $14,500 and this money is non-repayable back to the federal government. |
| Q: |
what is the maximum home purchase price? |
| A: |
the purchase price limit is currently $289,704 in the state of Texas. |
| Q: |
what is the maximum income limit for my family to qualify for this program? |
| A: |
the maximum income limit in the state of Texas is $99,540 |
| Q: |
can I buy a house anywhere I want |
| A: |
yes, the new programs are now available everywhere in the state of Texas. |
| Q: |
how long does it take to qualify for federal government down payment assistance? |
| A: |
on average, you can begin your new home in approximately 30 days. |
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