Buying a home for the first time is a challenge for many people. However, for the first time homebuyers on Austin, there are various programs and grants that are geared towards assisting you realize your dream of homeownership. These programs assist first time homebuyers and those whose credit history is flawed. In case you’re in need of government home buying grants or programs, there are various strategies that you can apply when looking for them. This article looks at the tactics of finding government home grants and some of the popular grants in Austin market.
Tips for finding first time home buyer grants Austin
There are various ways of finding various home grants in the home market for first time homebuyers. These include:
- First time real estate owners-The grants will consider you only when you’re a first time homebuyer in the market. In case you’re have bought a home before, you don’t qualify for these grants.
- Excellent credit record-If you require these grants, you must have a pristine credit history and high scores. Various grant programs have set minimum scores that you must attain before it processes your application. In case you have 640 and above FICO scores, most grant organizations will consider your application.
- Preapproval-Preapproval is an important strategy as it will indicate to home sellers that you’re a serious homebuyer. The preapproval will also show the grant organization how much you qualify for and what they can offer.
- Income-most of the grant programs have specific maximum income that you must have to consider your application for the grant. In case you’ve surpassed the income limit set, your application can still be considered as there are exceptions.
- Home requirements-There are specific home value limits that the property must attain in order to qualify for the grants. Most of the grant programs will offer you help if the house is in between $300,000-$371,000.
Government Grants available in Austin
- Housing and Urban Development (HUD) program– The HUD offer various programs that can assist the first time homebuyers in Austin. These include Community Development Block Grants (CDBG), American Dream Down Payment Initiative (ADDI) and FHA program.
- USDA Loan-The USDA mortgage enables you to buy a home without putting any amount down. The mortgage is paid with low rates because of government guarantee. The mortgage is meant to assist many Americans as the definition of the term rural as been broadened to include many areas.
- FHA program-The FHA program enables people with low scores and poor credit history to buy homes by putting a low amount down. You’ll be required to put down 3.5% of the total loan amount if your score is above 580.