Hi Facebook! It’s Adrianne with JP and Associates Realtors, and you can find me on the web at LiveinDallasTexas.com. I get phone calls and emails weekly about first-time homebuyer programs and downpayment grant programs, and so I wanted to take about 45 seconds or so to share with you the highlights of the program.
These programs are called T-shack and Seth, neither one are need-based programs. You are able to purchase a home in most cities in the state of Texas with both of these programs. The maximum amount of money that you can receive towards your down payment is 5% of the cost of the home.
Well, what does that mean for you? It means that if you talk to one of my lenders and you are pre-approved for a FHA loan, your down payment is going to be 3.5%. If you are approved for a conventional loan then your down payment is going to be 5%. In both instances T-shack and Seth would cover your entire downpayment now again because FHA loan has a lower downpayment of 3.5%. If you are approved for the maximum which is again 5% then you’d have a 1.5% credit remaining that will be credited towards your closing cost so that you’re bringing less money to the closing table.
Well what does that mean? You have remaining. What other items are you responsible for during your transaction? To purchase your home you’re going to be responsible for your earnest money after your contract is written and accepted. Your earnest money is typically about one percent of the cost of your home so if you’re buying a $200,000 home then you have a two thousand-dollar earnest-money payment to make it that goes along with your contract. You’re also responsible for your appraisal so you’ll have a credit card on file with your lender so that they can order your appraisal, which just means they’re going to send someone out to make sure that your home meets value.
Lastly, you’re going to be responsible for your inspections so shortly in your option period or shortly after your contract is accepted, you have an option period that may be anywhere from – let’s just say three to seven days during that time you have your home inspected you’re responsible for the cost of your inspection which would be anywhere from three to $400 typically depending on the size of the home the programs are great again. They’re not a need-based program. Some people like to keep them, you know
they’re down payment money in out their bank accounts but it is a good idea still to have money saved up for the purchase of your home.
If you have questions please feel free to reach out to me at LiveinDallasTexas.com you can find me on the contact us page you can also find me on Facebook at LiveinDallasTexas all one straight bird okay again it’s Adrianne with JP and Associates Realtors, have a good day!