Seven Home Buying Options for Low Income Home Buyers
Hello and welcome to Houston First Time Home Buyers Edition. Happy Friday! Did you know there are many different types of low income home buying options available to help you purchase your first house? While each option comes with different requirements and benefits, all of them help to make it easier for you to buy your first house, despite your low income. Let's take a look:
HomeReady - offer low down payment and flexible sources of funds.
Home Possible - offer low down payment and flexible credit terms.
Down payment assistance - offers grants, zero percent loan and forgivable loans.
HUD homes - are discounted homes sold by HUD
State and local assistance - offers various grants, loans and tax credits.
Good neighbor next door program - Deeply discounted homes for essential workers and first responders.
Mortgage credit certificates - offers tax credit to help reduce your federal income tax liability.
These are just some of the options that are available to help you purchase your first home. Also, please keep in mind that even if you do not qualify for any of the above options, you still have other options that include government backed loans such as FHA, VA, and USDA. Loans such as VA and USDA offers zero down payment. This means you can buy a house without having to save up large amount of money, which may not be possible for some. Today's message is, if you truly want to become a home owner, you can.
As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please give us a call 713.204.8013 or Email us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...
