DOWN PAYMENT ASSISTANCE LAREDO

In Laredo, many people think that the down payment assistance is only offered to first time home owes which is just a belief.  There are so many other available programs which are available and you maybe be eligible even without you realizing. But for one to be eligible for this down payment assistance, there are a number of revquirements you have to meet.

The first one is that your income and financial requirements must meet certain requirements for income, credit and debt so as to be able to get the down payment assistance. For them to achieve this, they developed an eligibility quiz which is short and has four questions which they use to determine whether you meet their requirement for income. This income requirements usually vary because different people have different professions, difference household size and are also from different counties. For a person to know about TSAHC’s credit score and debt requirements, it’s on the last page of the same eligibility quiz.

The second requirement for Laredo TSAHC’s down payment eligibility depends on your profession. Only teachers, fire fighters, EMS personnel, police officers, veterans and collection officers are eligible. But the good thing is that Laredo’s TSAHC are also considerate to be people who don’t fall into the professional category above. They are considerate in a way that they have another program called Home sweet Texas loan program. This program is not specific to profession hence it’s accommodative to those who don’t meet this profession-specific requirement.

The last requirement they would like you to meet to qualify for the FAHC’s down payment assistance is your first-time home buyer status. First time home buyer is someone who has not been able to own a home for the last three years. One does not have to be a first time home buyer to be eligible for down payment assistance through TAHSC. But for those who are first time home buyers, they can be eligible for a program called Mortgage Credit Certificate. This program is a special tax income credit.

However, TASC has other requirements on home. First, the home you are buying should be your primary residence and this means the loans cannot be used to buy a second home or a rental home. The second home criteria is that the home you are buying should not exceed certain price purchase limits. The setting of these purchase price limits is based on the median home price percentage in every county. This only means that, the counties where homes are more expensive, their purchase price limits are higher. The last home criteria is based on the location of the home you are buying. TASC’s down payment assistance work within a state, so this means this assistance is just within Texas State.

To conclude, this Laredo down payment assistance is considerate of all kinds of people. If you don’t meet this requirement, you meet other requirements in a different program.