TX Home Now is your trusted source for down payment assistance in the state of Texas. Home ownership is a dream for many Texans, but the high cost of down payments often gets in the way. We understand that life is full of surprises, and a single unfortunate event can wipe out the money you’d been saving for a down payment. That’s why we’re here to help reduce your down payment burden and get you into the home you’ve been dreaming of. Here is a little more information about us, what we do, and how we can help.
About TX Home Now
What do you do?
We discover down payment assistance programs available to Texas homebuyers and help you qualify for them. We do this by taking your information and finding out if you pass our eligibility requirements. Our requirements are virtually identical to those used by the down payment assistance programs.
Who can use your program?
Any adult homebuyer who meets our requirements is welcome to apply.
What’s the catch?
There is none! Our program has no hidden fees and no hidden costs.
What is the maximum income requirement?
We work with homebuyers who are considered low- to moderate-income. If you make $96,000 or less annually, you can qualify for assistance.
What is the minimum credit score requirement?
We require you to have a minimum credit score of 580. You will need a credit score of 580 or above to qualify for most assistance programs, though some programs, like FHA loans, will work with you if your credit score is at least 500.
Do I need to be employed?
Yes. We recommend you have a verifiable two-year employment history with no significant gaps between jobs.
What if I have a new job?
Speak with one of our down payment assistance specialists to learn how you can qualify.
What is a homebuyers education program?
We require our participants to attend an online homebuyers education course. This course will give you important information about buying a home, budgeting, loan repayment, and other facets of the homebuying process.
How soon can I get pre-approval?
If you provide us with all the information we request, and that information is all accurate, you could receive an answer in 48 hours.
Do I have to attend counseling or budget planning meetings?
No. We do not require you to attend monthly meetings. All we require you to do is take our online homebuyers education course.
What if I don’t qualify?
Not everyone qualifies on their first try. Don’t let this discourage you! Our specialists will tell you exactly what you need to do to get qualified. Sometimes it’s just a matter of building up more of a work history or waiting for a negative item to drop off of your credit report. We’ll stick with you and steer you in the right direction.
Loans and Down Payment Assistance
What is an FHA loan?
FHA loans are mortgages that are insured by the Federal Housing Administration. Homebuyers can pay as little as 3.5% down to purchase a home they intend to use as their primary residence.
What are the requirements to get an FHA loan?
You must use the home as your primary residence, and it must be a 1-4 person dwelling. You need a credit score of 500 (for 10% down) or 580+ (for 3.5% down). You must have a verifiable job history and proof of income. Finally, your debt-to-income ratio must be 43% or lower.
What is a DPA program?
A DPA is a down payment assistance program. They are usually offered by the state or federal government for qualifying homebuyers.
Are there DPAs for special populations?
Yes. If you’re in the military, or if you are a disabled veteran, there are DPAs designed to help you. First-time homebuyers have special Texas programs to assist them, as do homebuyers who agree to live in rural areas.
TX Home Now: Your Trusted Down Payment Assistance Experts
We help homebuyers in Dallas, Fort Worth, Denton, and all the 13 counties in the DFW Metroplex. When you’re ready to buy a home in Texas, we’re ready to help you over the hurdle of a too-high down payment. Call us today to get started!
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Free Down payment Assistance