I feel like anyone wanting to buy a house and needing financial assistance should have options because having enough money for a down payment on a house is one of the biggest hurdles to homeownership. Fortunately, if you live in Bryan, Texas, you may qualify for down payment or closing cost assistance. Some of the eligibility requirements include the following:
- Deferred, 0% interest note
- First-time homebuyers are eligible
- Minimum of 6 months of employment
- Single-family detached home or condo
- Receive $3,500 - $14,000 in assistance
- Must attend HUD-approved housing counseling
- Minimum of a $1,000 investment is required of the buyer
- Income can’t exceed 80% of Area Median Household Income
To qualify for this down payment assistance program, you don’t have to be a first-time home buyer, but you must be a Bryan citizen. You can also qualify if you haven’t owned a home in 3+ years.
Qualifying homes include single-family detached homes and condominium units. Manufactured homes do not qualify for down payment assistance under this program. To be eligible, the maximum price of a newly built home must be $243,000, or $197,000 for an existing home.
As part of the down payment program, you must pay a minimum $1,000 investment toward the home and attend a HUD-approved housing counseling program.
“Approximately three-quarters of potential home buyers say they are currently planning to save for a down payment, and most say it will take between six months and three years to save.” Morning Consult, 2022 Obstacles to Home Buying
To qualify for the Bryan down payment assistance program, your credit score must be good enough to obtain a mortgage. The mortgage loan can be for 15 or 30 years and must have a fixed interest rate. Your monthly payment must not exceed 33% of your monthly gross income. The loan is deferred with 0% interest if you live in the house for a minimum of 5 years. Following that period, when you sell the home, you will repay the loan amount from the proceeds of the sales price.
If you’re interested in applying for the down payment assistance program in Bryan, check out their website and fill out an application. I hope you qualify for this program so you can purchase your first home! Click here for more information on this down payment program and other programs in Bryan, Texas. If you need help finding a local real estate agent to help you find a qualified home, please email us at email@example.com.