First Time Home Buyer Programs in San Antonio, Texas
Buying a home in San Antonio can be a daunting and exciting experience. You may think that purchasing your first home is out of your reach. But, in the city of San Antonio, Texas, there are homebuyer programs that may help.
Here is an overview of 33 first-time homebuyer programs that may be available to you when financing your home.
San Antonio First Time Home Buyer Programs
An excellent place to start is the Texas State Affordable Housing Corporation (TSAHC). Visit their website and take their eligibility quiz. They offer two main programs and mortgages, the Home for Texas Heroes Program and the Home Sweet Texas program.
1. Home for Texas Heroes Program. This program offers help to teachers, police officers, firefighters, veterans, and more. Take the Home for Texas Heroes Program quiz to see if you are eligible.
2. Home Sweet Texas. Aimed at low and moderate-income individuals, choose between a grant or a low-interest forgivable loan.
3. The Nehemiah Program. This program has helped over a quarter of a million Americans. Nehemiah offers down payment help if you have an FHA loan or are pre-approved for an FHA mortgage.
4. Neighborhood Housing Service (NHS). The Neighborhood Housing Services of San Antonio, Inc.(NHSSA) is a not-for-profit organization. It provides mortgage lending and homeownership counseling services.
Down Payment Assistance San Antonio Texas
5. First Responders Homebuyer Assistance Program (FRHAP). FRHAP offers 0% interest or a no payment second loan of either $15,000 or $7,500 to firefighters and police. Use the loan for its down payment assistance program or extra costs.
6. Homeownership Incentive Program. It lends between $1,000 and $15,000 with no interest or as a no payment second loan. Use the loan for help with a down payment and closing cost.
7. Neighborhood Lift. It offers down payment loans. Unfortunately, they have limited resources, so check their website to find out about availability.
8. Chenoa Fund™. The Chenoa Fund helps low-to-moderate-income individuals who are creditworthy with their down payment assistance programs under the FHA and FNMA conventional guidelines. They also offer FHA loans.
Closing Cost Assistance Programs San Antonio Texas
9. 5-Star Texas Advantage Program. This program helps with your down payments and closing costs. There are several options available.
10. Home Star Program. This program provides 4% of the loan amount as a down payment grant. Use it in conjunction with a 30-year fixed-rate FHA, VA, or USDA loan.
11. Veterans Housing Assistance Program (VHAP). Available only to active-duty military members and veterans. It allows you to buy a home without a down payment.
12. America's Home Grant program. It offers lender credit up to $7,500. Put it towards non-recurring closing costs.
First Time Home Buyer Assistance Programs - State of Texas
13. Non-Prime Loans. If you do not qualify, try a non-prime loan. Most approved lenders allow for credit scores as low as 500.
14. Homeownership Program for Employees (HOPE). It provides help to full-time homebuyers. They offer a $5,000 and $10,000 zero percent interest loan.
15. Single Family Housing Direct Loans. Also called Section 502 Direct Loan Program. It helps low-income applicants find safe and sanitary housing in rural areas.
16. My First Texas Home Loan. This program offers 30-year, fixed-interest rate mortgages for first-time buyers and veterans. First, you must attend a home buyer education course and show your mortgage lender the certificate.
17. Texas Department of Housing & Community Affairs (TDHCA). It also helps buyers maintain their homeownership status and improve their financial situation.
First Time Home Buyer Class Texas
Buying a home is not always easy. Often you must face an expert who may confuse you with technical jargon. Homebuyer classes are the perfect way to help you navigate buying a home.
18. TSAHC Education Course. If you use a TSAHC program to buy your home, you must attend the TSAHC education course.
19. To Each His Home. They offer online courses that cover Homebuyer Education, post-purchase, and foreclosure.
20. NHS Orientation Sessions. NHS offers home buyer orientation sessions.
21. The Bank of America has a homebuyer education series.
First-Time Home Buyer Federal Assistance Programs in the U.S.
22. Department of Housing & Urban Development (HUD). Buyer assistance programs are available across the U.S., not just in Texas. Find out what is available in your region by visiting the Department of Housing and Urban Development (HUD).
They offer comprehensive advice for new buyers and home loan programs for low-income families who cannot qualify for a conventional loan.
23. FHA Loans. The Federal Housing Association is a government agency. They offer loans to borrowers who do not qualify for conventional home loans. There are no household income limits, and they will consider a low credit score. They also offer a popular fixed-rate mortgage.
24. USDA Loans. These loans allow individuals to buy a rural home with no down payment. They are for borrowers with low-to-moderate income.
25. Fannie Mae. Fannie Mae started in 1938. They support low and moderate-income borrowers. They do this by enabling access to affordable home finance.
26. Mortgage Credit Certificate (MCC). Eligible first-time homebuyers can apply for a Mortgage Credit Certificate (MCC). The MCC program is a mortgage interest tax credit that reduces the amount of annual federal taxes.
27. Freddie Mac. Set up in 1970 to support the U.S. housing finance system. They support low and moderate-income borrowers. They do this by enabling access to affordable home finance.
28. Good Neighbor Next Door. Law enforcement officers, teachers, firefighters, and emergency medical technicians can become homeowners through the Department of Housing and Urban Development (HUD). The scheme encourages community development.
The HUD offers a 50% discount on home prices.
29. Chase Dreamaker Mortgage. Chase Dreamaker offers reduced mortgage insurance and a low down-payment program. Income limits do apply.
30. Section 502 Direct Loan Programs. Section 502 Direct Loan program offered by the USDA is for low-income borrowers. It provides payment assistance, and no down payment is required.
31. Affordable Loan Solution® Mortgage. This program from Bank of America is popular with first-time buyers. Only a 3% down payment is required, and it does not require mortgage insurance.
32. Standard 97 Conventional Loan. All home buyers qualify for the Standard 97 Conventional Loan because of its low down-payment of 3 percent.
33. HomeReady Program. This program comes from Fannie Mae and has flexible credit score requirements with a low down payment.
You Will Need Home Insurance Too — Get a Comparison Quote from 40+ Insurers
Once you have secured your new home, you will need to buy home insurance to protect your property. We are here to help. Contact us for free advice and a comparison quote before you purchase a home.
Hope that helps!
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