I'm a first-time homebuyer in Houston. What financial assistance programs are available to me?

Congratulations on taking the first step towards homeownership in Houston! There are several financial assistance programs available to help first-time buyers like you:

1. City of Houston Homebuyer Assistance Program:

Up to $50,000 in assistance: The City of Houston offers grants of up to $50,000 to income-qualified first-time homebuyers.

Eligibility requirements: You must be a U.S. citizen or permanent resident, have not owned a home in the last 3 years, and meet certain income limits.

More information: Visit the City of Houston Housing and Community Development Department website for details and application instructions.

2. TSAHC (Texas State Affordable Housing Corporation):

Mortgage Credit Certificates (MCCs): TSAHC offers MCCs, which provide a tax credit that can reduce your federal income tax liability, effectively lowering your monthly mortgage payments.

Down Payment Assistance (DPA): TSAHC also offers DPA grants and loans to help with your down payment and closing costs.

Eligibility requirements: You must meet certain income and credit score requirements.

More information: Visit the TSAHC website for program details and eligibility criteria.

3. Harris County Down Payment Assistance Program:

Financial assistance: Harris County provides grants to help with down payments and closing costs for first-time homebuyers.

Eligibility requirements: You must meet income and credit score requirements and complete a homebuyer education course.

More information: Contact the Harris County Community Services Department for program details and application information.

4. Lender Programs:

Many lenders offer special programs: Check with various lenders (banks, credit unions, mortgage companies) about first-time homebuyer programs they might offer, such as lower down payment requirements or flexible credit guidelines.

Tips for First-Time Homebuyers:

Start saving early: Begin saving for your down payment and closing costs as soon as possible.

Get pre-approved for a mortgage: This will give you a clear idea of how much you can afford to borrow.

Attend a homebuyer education course: These courses provide valuable information about the home-buying process.

Work with a reputable real estate agent: An experienced agent can guide you through the process and help you find the right home and financing options.

Remember to research each program thoroughly and compare the eligibility requirements and benefits to find the best fit for your situation. Good luck with your home search!