Interested in buying your first home in Travis County, Texas? Travis county offers a program that will allow first time homebuyers and working families to get the help they need to buy a foreclosed home. Some of the requirements for qualifying for a home under the Travis County Neighborhood Stabilization Program have changed since the program's first run, so there is a good chance that a home that didn't originally qualify for the program may end up being perfect for it now. Read on for information on how to qualify for the Travis County homebuyer assistance program and get into a foreclosed home.
First Time Homebuyers
This Travis County program is supposed to be for first time home buyers only. This doesn't mean that you or your family must never have owned a home before. According to the standard for the program, anyone who hasn't owned a home within the last three years can technically qualify as a first time buyer.
Invest In The Home
While this program can assist many buyers in avoiding the large down payments and high interest rates associated with buying a home, you do need to be willing to invest at least $500 into the direct purchase price of the foreclosed home.
Good Credit
Your credit score does not need to be perfect, but you do need to be capable of qualifying for a home loan if your income would allow it. The assistance you get will be based on how much you can afford to pay, so your income will be used to help determine how much help you get in order to make the home you want affordable.
Income Limits
This program is designed to help low and middle income families buy foreclosed homes that need an occupant, so the income limit is set up to encourage people who wouldn't normally be able to afford a home buy one. The limit is currently set at 120% of the median income for Travis County to get half assistance, and 50% of the median income for Travis County to get full assistance.
Where To Buy
This is one area where there has been a major change since the program was originally implemented. In the past, there were specific areas within Travis County where homebuyers needed to find a foreclosed home in order to qualify for assistance. However, the county has changed the rules to allow potential homebuyers to find a foreclosed home anywhere within the Travis County border. Currently, the only limit on which foreclosed home to purchase is the price limit that varies by area.
If you think you may qualify for a home you are interested in under the Travis County homebuyer assistance program remember to act quickly. The original program was set to expire in February of 2010, though it is currently expanded and running through the end of May. Homebuyers who purchase a home through the program will need to attend a counseling session before and after the home's purchase, as well as a HUD home purchase education program.
The author of this article has expertise in Austin Texas real estate. The articles about West Lake Hills real estate reveals the author’s knowledge on the same. The author has published many articles in his Austin real estate blog as well.