ANYONE Can Buy a Home in Texas with $0 Downpayment

Buying a home in the Austin area usually costs thousands of dollars. But did you know that they are normal, easy ways for you to buy a home with a low or even $0 down-payment?  In fact, I just worked with a young couple to help them buy their first home and they were GIVEN a $2000 check at closing instead of paying a dime! I bet you’re about to turn this video off because this sounds too good to be true. Well, it’s not. Real people have used this real answer to save real money buying a home, for real.

In this episode of Real Estate, Real Answers, I am going to share with you a few of the ways that you can buy a home with zero money down and at the end, I’ll share with you how you can receive money when you close instead of paying money!

There are a number of programs available to home buyers like you here in the State of Texas to provide you with low or even zero money down-payment loans. Most of those programs have credit score requirements as low as 620 and you can qualify for some with a score as low as 580! I also know a lender who provides FREE credit repair who can usually help you if you have a score as low as 550. You could qualify to purchase a home in a short amount of time and I can put you in contact with someone who can help.

If you are a first-time home-buyer or haven’t bought a home in a while, there are national, state and municipal programs available to you for with a low or zero money down-payment. Most of those programs pay for your down-payment with either a bond or a grant. A bond is low- or zero-interest loan that you pay back either during the course of the loan or when you sell or payoff your home. A grant is a form of down-payment assistance that DOES NOT have to be repaid!

Here in Texas, the Texas Department of Housing and Community Affairs (TDHCA) has Program 79. This program provides down-payment and closing cost assistance of up to 5% in the form or a no interest, no payment bond to Texas home-buyers.

There is a similar program called “Homes for Texas Heroes Loan Program” for Texas teachers, firefighters and state employees that provides down-payment assistance in the form of a gift that never has to be repaid!

U.S. Department of Agriculture (USDA) has a nationwide 0% down-payment loan program for people buying in rural areas and the Veteran’s Administration (VA) provides 0% down-payment loans to U.S. military veterans.You can use all of these programs, and MORE, to buy a home with zero or very little money down.

I told you at the end how you can receive money instead of paying money at closing. Many of these programs cover your down-payment but there can often be money that you owe at closing to pay for your closing costs. Closing costs can be quite significant – 2-3% of the purchase price! Even if your loan program does not pay for closing costs, if your agent structures your offer right, you can work it out for the all of your closing costs to be paid by the seller at closing! I recently able to help my clients do just that! They put up $2000 in earnest money for the home they were buying and at closing, they were given a check for that $2000 right back – essentially paying NOTHING for their new home!

I am a certified Texas First Time Homebuyer Specialist and can help connect with the right lender and buy a home with little of zero money down! If you have questions about how you can buy a home or about these programs, please contact me with the information below, and I’ll be happy to help!

If this episode has been helpful for you, would you mind doing me a favor and subscribing to my YouTube channel? I’m Kyle Pfaffe and I want to thank you for watching episode #18 – this is Real Estate and THAT is the REAL ANSWER!

USDA Home Loan Facts

USDA Home Loan FAQs

The U.S. Department of Agriculture (USDA) has been helping people purchase homes with a variety of programs for a long time. The USDA has a rural housing guaranteed loan program which offers assistance to residents who meet certain income requirements and are looking to purchase a home in certain geographical areas. Below are basic qualification requirements for this loan program. Please feel free to contact us with any additional questions about this program or how we can help you utilize this to get into your own home!

Property Requirements > Only single family non-farm residences, approved condos and PUDs
> Located in a designated RHS rural area
> Ineligible properties include manufactured homes, properties with swimming pools (some exceptions) and properties in a flood or mudslide zone (with exceptions)
Resident Requirements > Resident must be citizen or legally admitted alien
> Resident cannot have owned a home is the last 3 years (some exceptions)
> Residence must be owner-occupied primary residence
> 640 minimum credit score is required
> Income requirements for greater Austin area are no more than $84,000 (1-4 person household or $112,050 (5-8 person household)
Loan Requirements > 30-year fixed rate mortgages only
> Qualifying ratios are 29% (Mortgage v. Income) and 41% (Debt v. Income)> Maximum loan amount is 100% of purchase price, with restrictions on LTV
> 3.5% Guarantee Fee added to the loan by USDA to cover insurance & all other fees
Closing Costs and Misc. > Up to 6% of the sales price can be contributed by interested parties (seller/builder) towards all closing costs
> NO mortgage insurance required
> NO down payment required

Kyle Pfaffe, REALTOR®

512-636-9707

E-mail: KylePfaffe@KW.com

www.AustinHomes4you.com