30 YEAR FIXED
Low Fixed Rates For 30 Years
30 YEAR FIXED
Minimum of 3.5% Down
30 YEAR FIXED
100% VA Loan With No Private Mortgage Insurance
30 YEAR FIXED
100% Financing In Rural Areas
First-Time Home Buyer in Fort Worth, Texas
For a first time home buyer Fort Worth offers a wide range of housing choices to fit any pocketbook. Home ownership is the American dream but finding the right home in the right neighborhood at the right price can be a challenge. And then, you need to get financing with a mortgage rate that does not eat up all of your paychecks. Luckily, if are worried about the down payment as a first time home buyer Fort Worth offers ways to make it work for you.
Fort Worth First Time Home Buyer Programs
There are programs in the Fort Worth area to help first time home buyers. The first to consider is HCDD which is Fort Worth’s Housing and Community Development Department. This program offers assistance via HAP, the Home-buyer Assistance Program in Fort Worth. It helps families in the low and middle-income range. For those who qualify, monies can be used for the down payment, buy-down on principal, or closing costs.
Housing and Community Development Department of Fort Worth HAP Program
For US citizens and permanent US residents, the HAP program can help if you are a first time home buyer or have not been a homeowner for at least three years. Also, to qualify the family must not have more than $15,000 in total assets. Only fixed-rate mortgages qualify for this program. Folks can get as much as $30,000 from this program if they meet the qualifications such as falling below the 80% level of median income in the Fort Worth area and buying a home that lies within the City of Fort Worth for tax purposes.
Affordable Housing Corporation of the State of Texas
Also, for a first time home buyer Fort Worth has a non-profit organization that can help out. It is TASHA or the Texas State Affordable Housing Corporation. These folks have the mission of serving low-income families and individuals by helping them get into affordable and decent housing. They commonly come into the picture when other agencies cannot help.
Using private donations, TSAHC provides help with down payments, mortgage loans, and mortgage credit certificates. Their Homes for Texas Heroes Loan Program is especially for veterans, EMS workers, teachers, firefighters, correctional workers, and police. And, their Homes Sweet Texas Home Loan Program provides a 30 year fixed rate loan for eligible Fort Worth home buyers. This is a grant, so the family does not need to pay it back.
Free Homebuyer Education Classes in Fort Worth
Perhaps the most important thing for a first time home buyer in Fort Worth is to their homework. An excellent idea is to take advantage of one of the classes for home buyers in the Fort Worth area. Learn about how large of a mortgage you should take on with your salary. Learn about the various assistance programs that make home ownership possible for those who otherwise could not afford their own home. Do your homework first. Look into financing before even looking at property. That is a good route to take for a first time home buyer in Fort Worth or anywhere.
Best Mortgage Rates in Fort Worth Texas
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Simplified Prodigy Homes Loan for Fort Worth First Time Home Buyers
Prodigy Lending has a team that is made up of experts who are committed to serve and provide quality service to you. This team is widespread all over the United States with an ambition to ensure mortgage services are rendered to many customers. Combined with favorable rates and many home loan programs across all states, the skilled team will work for hand in hand to make sure that you get a loan that is customized to make you achieve tour goals and ambitions on buying a best-desired home. Normally, whether refinancing another loan, buying a new home or consolidating debt this team is committed to guiding you find the best mortgage option with the lowest rate.
Below are tips on programs that are availed:
As a first time home buyer in Fort Worth, you will benefit from FHA loans if you consider it when purchasing your new home. This is well enjoyed if you do not meet all the qualifications for other loan programs.
As an applicant, you are supposed to make a down payment of about 3.5%. FHA can make this down payment with money they received as a gift which hardly happens with other institutions.
A credit score of about 620 can easily qualify for this loan. This hardly happens to some other programs as they request a credit score above 750.
It is a viable option if you have financial constraints for example foreclosure or bankruptcy. Additionally, this loan has less concerning repayment schedule.
Lastly, they are backed by the U.S government where you get assistance in case you have financial difficulties.
USDA offers a mortgage plan for you if you qualified and willing to buy homes located in rural areas. From this program, you will enjoy the following benefits:
- Low-Interest Rates: – Interest rates offered in this program for first time home buyers in Fort Worth are more convenient than those in other programs such as FHA and VA loans.
- Low Mortgage Insurance Rates: – This program offers a mortgage Insurance Premium rate of about 2.5 percent.
- Credit Qualifications: – You have to have at least a middle credit score of about 640 in order to qualify for this loan.
V.A (Veterans Administration) Home Loans
If you are a veteran or a military serviceman, you may qualify for a low-interest rate as well as no down payment.
As well, in this loan, you are not required to pay for any mortgage insurance making it the lowest cost home loan.
Conventional loans offer the best terms to you with perfect credit. Besides, they offer low down payments as low as about 3.5% down payment. If you the ability to put down about 20%, you will avoid Private Mortgage Insurance (PMI).
You are advised to make a call and ensure that all the tools provided on the site are fully utilized.
Please contact us if you have any questions!