If you are a first-time home buyer, there may be help available for you. From grants to assistance with funding - there are some options you might not have thought about for financing a home. And in the Houston area right now, there are a lot more homes out there for you to check out.
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Single-family resale options nearly doubled from 2022
The latest home sales update from the Greater Houston Partnership shows single-family resale inventory is approaching pre-pandemic levels.
“There were 24,798 single-family homes listed for sale through the Houston Association of Realtors’ Multiple Listing Service (MLS) in March ‘24. That’s up from 19,374 in March ‘23 and more than double the 10,412 listed in March ‘22,” the report reads.
Where can I get help for buying a home in Houston?
Home ownership is a dream for a lot of people, but it’s not easy, especially considering interest rates for loans right now. We wanted to help out if you are in the market for a home but need a little assistance. Below are several options available for first-time home buyers. Some of these programs do have waiting lists.
The City of Houston offers up to $50,000 to income-qualified residents. The city assists first-time homebuyers in the city limits through the Homebuyer Assistance Program. To qualify, in part, you must be a U.S. citizen or permanent resident, first-time homebuyer or have not owned a home in the last 3 years, and meet the income requirements.
Read the full list of qualifications here.
The Texas State Affordable Housing Corporation (TSAHC) helps people in Houston and throughout the state of Texas to purchase a home. This non-profit organization was created by the Texas Legislature to help Texans achieve their dream of homeownership. To qualify, you must have a credit score of 620 and meet certain income requirements.
The Community Services Department’s Down Payment Assistance Program (DAP) provides financial assistance to help you purchase a home in Harris County. Buyer must be income qualified, have a decent credit score and be a first-time homebuyer.
The Harris County Housing Authority provides qualified Housing Choice Voucher families with the opportunity to own a home. Often the downpayment is a roadblock to buying a home. This program can help with that. To learn more, visit Harris County Housing Authority’s Independence Downpayment Assistance Program
Brazoria County Community Development is funded in whole by a Housing and Urban Development (HUD) grant. There are funds available for public facility and public service projects in Brazoria County. They also offer assistance for housing rehabilitation and reconstruction for low to moderate income families.
There is special help available for first-time buyers who are veterans.
You can call 1-800-252-VETS to ask about purchasing land and other VA programs.
HUD has a list of programs that may help you purchase a home. For example, The City of Galveston, through its Homebuyer Assistant Program (HAP) will provide eligible homebuyers up to $14,500 in Home Investment Partnership Program funds to assist with a down payment and closing costs toward the purchase of a first home.
For more information, click here.
Learn about buying a home
The Houston Area Urban League holds a First-Time Homebuyers Workshop to assist low to moderate-income families with the home buying process. Classes are in English and Spanish covering recommendations regarding readiness and preparation for homeownership, FHA-insured financing, housing selection and mobility, assistance with your home search, budgeting and credit, loan products and feature comparisons.
One big element that goes into getting approved for a home loan is your credit score. KPRC 2 Investigates reporter Bill Spencer recently spelled out a few ways you can work to become debt free, which will help raise your credit score - and help put you on the path to home ownership.
