Potential home buyers in Texas have a new program to help them get into their own homes. For most people, one of the challenges in buying a house is coming up with the down payment money. For a FHA mortgage, the down payment comes to 3.5% of the purchase price. Now with the help of The Lending Company, a direct endorsed U.S. Housing and Urban Development (HUD) lender, you may be able to get Texas down payment assistance pay as little as 1% down for a FHA 30 year fixed mortgage.
Without down payment assistance, some estimates show that up to 40% of potential homebuyers are excluded from the market. The America’s Home Buyer Solution Gift Program gives eligible homebuyers up to 2.5% of the down payment and closing costs. The assistance is a gift and does not need to be repaid.
The America’s Home Buyer Solution Gift Program is offered exclusively through The Lending Company. One of the great parts of the program is the fact that your portion of the down payment can be a gift from a family member. The Gift Program is funded by HUD approved non-profit charities that have established funds to help stimulate the housing market.
Facts about America’s Home Buyer Solution Gift Program
The America’s Home Buyer Solution Gift Program can provide up to 2.5% of down payment and closing costs on a FHA first mortgage.
The buyer’s cost could be as low as 1%.
You are under no obligation to repay money from the Gift Program.
Interest rates are competitive.
Loan guidelines are flexible.
The program is not limited to first-time home buyers.
The seller is encouraged to contribute up to 3% towards closing costs and other prepaid items.
The program is not limited to foreclosures or vacant properties.
Homes or condos must be 1 to 4 families, HUD approved, and owner occupied.
The program will not run out of funding like city and state stimulus programs.
More on eligibility
The program is available with FHA fixed 30 year mortgages.
Available statewide in Texas.
Income limits may apply. Check with your loan officer.
No prepayment penalties.
All borrowers must have a minimum credit score of 620.
Non-occupants may act as co-borrowers.
The gift program requires home buyer education.
For more information on the America’s Home Buyer Solution Gift Program, please fill out the form below: