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Texas First Time Home Buyer

Currrently, Texas is the fastest growing area in the South and many first time home buyers are migrating to Texas from out of state from places such as California due to the favorable home prices. In other words, you can buy a great home in Texas at a very good price relative to some of the more expensive areas in the United States. The only downside to purchasing a home is the high property tax rate. For example, the taxes could be $3,500 year or so for a $100,000 home which is a 3.50% tax rate but the lower price far outweighs the extra $100-$150 per month in taxes.

**Real Estate Stats**
Fastest Growing Areas Projected price change for 2007	Median Home Price
McAllen-Mission, TX 8.5%	$69,660
El Paso, TX 7.1%	$124,410
San Antonio, TX 4.8%	$139,830
Forth Worth-Arlington, TX 4.4%	$127,470
Houston, TX 4.1%	$149,720
Austin, TX 4.1%	$171,250
Dallas-Irving 4.1%	$161,210

100 Best Places to Live
Money Magazine ranked several cities in Texas as one of the best places to live which included Austin, Carrollton, Denton, League City, North Richland Hills, Plano, Richardson, Round Rock, Sugar Land, and the The Woodlands.

Special Programs
Home Opportunities First Time Home Buyer Program Opens Doors for a New York Fireman, Police Officer, Paramedic, Teacher, and health care worker such as Nurse. This program features 100% financing with no income restrictions and the credit score requirement is only 600. Also, you can have stated secondary income from side job which you don't have to verify. In addition, higher than normal debt to income ratios are allowable, up to 50%. Finally, we are offering a $500 credit toward closing costs.

Bond-Grant Discount Loan Programs
A first time home buyer can get money or a grant, which is usually in the range of 3.5% to 6% of the loan amount or purchase price, to pay for down payment and closing costs. The only drawback is you may have to pay a Federal Recapture Tax when you sell the home.

Also, there are bond programs which offer a discount on the mortgage rate and the current range is 5.99% to 6.35% on zero down payment loans such as My Community and Flex 100, as well as FHA (Federal Housing Administration), VA (Veteran Administration), and USDA (United States Department Agriculture) loans. The programs usually have income, property, and mortgage amount restrictions and you need to check with your loan officer to determine if you are eligible for a specific program. There is another great loan program called the "Texas Lone Star Program" which is a low rate 2nd mortgage with maximum loan amount of $22,500.

Below is a list of some of the Grant and Bond loan programs in Texas:
Arlington Housing Finance Corporation
Bexar Co HFC and San Antonio HTFC
City of Dallas Housing Finance Corporation, Series 2006
Houston HFC 2005
National Homebuyers Fund Series 2003 Conventional Southeast Texas
Strategic HFC of Travis County Variable Rate Lease Purchase, Series 2004
Texas Loan Star Program (TDHCA)
Texas State Affordable Housing 2006 C
Texas State Affordable Housing 2005 B "Homes for Hero's"
Texas State Affordable Housing 2006 A "Professional Educator's"
Texas State Affordable Housing 2006 B "Homes for Hero's"
Texas Veterans Land Board MRB Program
Travis County Housing Finance Corporation 2006A
West Central Regional HFC 2006A

Call Gerald Tribuzio at 847-516-5743 for specific details on programs.

Texas Professional Educator's or Teacher Bond and Grant Program
Current bond loan rate is 5.99% and 5.00% grant is available to pay down payment and closing costs.

A full-time classroom teacher, full-time paid teacher's aide, full-time librarian, full-time counselor certified under Subchapter B, Chapter 21, Education Code or full-time school nurse employed by an Independent School District. Private Schools and Universities are not eligible. No minimum time on the job required.

Documented by: Current paystubs and verbal or written Verification of Employment that must state the borrower is working 40 hours a week or full-time.

Homes for Heroes
Current bond loan rate is 5.99%-6.25% and 5.00% grant is available to pay down payment and closing costs.

Fire Fighter:
Permanent, full-time fire department employees working for a fire department in the State of Texas who are not support staff persons or other administrative employees. These employees are assigned duties in one or more of the following categories: fire suppression; fire inspection; fire and arson investigation; marine fire fighting, aircraft rescue and fire fighting; fire education; fire administration; and any other position necessarily or customarily related to fire prevention or suppression. No minimum time on the job required

Documented by all three of the following:

Certificate from the Texas Commission of Fire Protection, available at www.tcfp.state.tx.us. Go to Lookup Certifications and screen print verification for file submission. Status must show Full-time.

Current pay stubs.

Verbal or written Verification of Employment that must state the borrower is working 40 hours a week or full-time.

Peace Officer:
A full-time employee in the State of Texas licensed through Texas Commission on Law Enforcement Officer Standards and Education (TCLEOSE). No minimum time on the job required.

County Jailer:
A full-time employee in the State of Texas employed as a county jail guard under Section 85.005, Local Government Code licensed through Texas Commission on Law Enforcement Officer Standards and Education (TCLEOSE). No minimum time on the job required.

Public Security Officer:
A full-time employee in the State of Texas employed or appointed as an armed security officer by this state or a political subdivision of this state licensed through Texas Commission on Law Enforcement Officer Standards and Education (TCLEOSE). This does not include security officer employed by a private security company that contracts with the state or a political subdivision of the state to provide security services for the entity. No minimum time on the job required.

Documented by all three of the following:
1. License from Texas Commission on Law Enforcement Officer Standards and Education (TCLEOSE)
2. Current pay stubs
3. Verbal or written Verification of Employment that must state the borrower is working 40 hours a week or full-time.

Corrections Officer:
All full-time employees in the State of Texas employed by the Texas Department of Criminal Justice who receive hazardous duty pay. No minimum time on the job required.

Documented by the following two items:
1. Current pay stubs
2. Verbal or written Verification of Employment that must state the borrower is working 40 hours a week or full-time

FHA Loans
You may want to consider an FHA loan which requires 3% down payment but there are maximum loan limits which are stated for some of the counties below. You don't need excellent credit to qualify and you can utilize down payment assistance to qualify. Please visit FHA mortgage limits if your county doesn't appear below. Finally, if you intend to purchase a condo then the building must already be on the FHA approved list.

**Texas FHA Mortgage Limits**
One-Family	Two-Family	Three-Family	Four-Family
$200,160	$256,248	$309,744	$384,936

VA Loans
A VA loan is designed for a veteran or active military personnel. Zero down payment is required and the loan limit is now $417,000. WestAmerica Mortgage Company is a VA Endorsed Lender and we can get you pre-approved and email you a preapproval letter in minutes. You can have less than perfect credit and still qualify for a great rate so take advantage of your VA loan eligibility today.

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Gerald Tribuzio© 2001-2010
Phone: (847) 516-5743
Fax: (800) 351-1184
Email:jtrib@firsthomebuyers.net
Chicago Headquarters
421 Wentworth Circle
Cary, IL 60013
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