If you’re getting ready to start searching for a home in Sugar Land, Texas, there are a few things you should know. As a first time home buyer, there are several programs you may be able to use to help make buying a home easier. Plenty of mortgage loan programs exist to help make the process easier. Here’s a look at some of those programs for first time home buyers in Sugar Land.
Home Possible Neighborhood Solution Program
In Sugarland, as a first-time home buyer, you can take advantage of the Home Possible Neighborhood Solution Program. This first-time home buyer program comes from Freddie Mac and allows for flexible credit terms and a lower down payment if you work in the community. Those working in the military, as teachers, in law enforcement and as firefighters or other community workers can use this program.
The Home Possible Neighborhood Solution Program offers first time home buyers in Sugar Land Texas the ability to buy a home with a lower down payment, a credit score as low as 620 and with lower closing costs. It can even help keep your mortgage payment lower and even keep mortgage insurance lower.
USDA 100% Financing Loan Program
Another one of the top first time home buyer programs in Sugar Land, TX is the USA 100% financing loan program. This program allows first-time home buyers to get a home for no money down without paying private mortgage insurance. In addition, the seller can pay 2% to 6% of the purchase price for the closing costs.
You will need to purchase a home in an area in need of revitalization and have a credit score of 640 or higher to use this program.
Good Neighbor Next Door Program
This program comes from the United States Department of Housing and Urban Development or HUD. It allows first time home buyers in Sugar Land to get a home with a discount up to 50% if they buy in an area in need of revitalization. The Good Neighbor Next Door Sales program only allows buyers to choose from home already listed as a part of the program.
It may include areas found in flooded terrain or that were burned from fire. You do need to live in the home for three years and the program does allow for very low closing costs and down payments.
My First Texas Home
While this first time home buyer program is offered throughout the entire state, those buying in Sugar Land can take advantage. It means for first time home buyers and those that have not owned a home in the past three years.
You will need to meet the income guidelines, choose a property fitting the purchase price limits and meet the credit score requirement of 620 or higher to qualify.
TSAHC Home Down Payment Assistance
Texas State Affordable Housing Corporation a program specifically for teachers, corrections officers, EMS personnel, veterans, police officers and low to moderate income households, the Houston Area Home Down Payment Assistance program makes it easier for first-time home buyers to get a home in Sugar Land. This program offers a grant for home buyers throughout the area to help with the down payment.
A Few Tips for First Time Home Buyers in Sugar Land, TX
There are several great first time home buyer programs in Sugar Land, Texas. Taking advantage of these programs can make it much easier to get into the home you want. Along with these programs, here are a few tips to help during the process of buying your first home.
Check Your Credit Early in the Process
Your credit score will make a huge difference when you start shopping for the right home and the first time home buyers programs that work for you. Before you hire a real estate agent, start your online search or even start saving for a down payment; make sure you check your credit score.
If your score is lower than 620, you won’t qualify for many first time home buyer programs
in Sugar Land, TX. When this is the case, take steps to improve your credit score. Ideally, if you can get your score to 680 or higher, you’ll have the best chance to qualify for maximum assistance as a first-time buyer.
Save for a Down Payment
Even though you may receive assistance with your down payment, you should still start saving as soon as possible. Having a down payment ready to go opens up more buying options and may allow you to qualify for better financing terms. In addition, it’s never a bad idea to have money saved when going into the home buying process.
Get your Documents in Order
The income verification process can be taxing if you’re not prepared. It can take many weeks to get qualified and get everything in order. However, when you have the right documents ready to go, the process becomes much easier.
Make sure you have two years of W-2s and tax returns ready. In addition, have the last two months of bank statements ready to go with all the pages included. Even blank pages should be included when submitting your bank statements to the lender.
Hire the Right Real Estate Agent
When you’re ready to start searching for your first home in Sugar Land, you need the right real estate agent. Hiring someone with experience working with first-time home buyers will go a very long way. The right agent will be very familiar with the programs offered and will help you find the right home to fit the criteria of the first-time home buyer programs in Sugar Land you choose.
By following these tips and finding the right programs for first-time buyers in Sugar Land, you’ll be able to get into a home faster and easier. Plenty of programs are available to help you buy your first home. Make sure you take advantage of these programs to help with your down payment, financing terms and closing costs.