If you wish to own your first home in Dallas, Texas, but can’t afford the costs? These first time home buyer grants in Dallas, TX can help you!
The wave of euphoria that washes over you when you finally move into your home is unexplainable. You feel like, “Yeah this is me, I finally did it!” Only a handful of feelings could beat that, and that’s about that. If you are a resident of Dallas, TX, and you do not yet have your own home, you are missing out on a lovely sensation.
That’s not to say your time won’t come, though! In fact, coming across this post means that you are almost there, and that you will get your first home eventually. What you need to make it happen is some help, and that is why we are here, to point you in the right direction.
As a first time home buyer in Dallas, TX, you may be wondering how to get the help that you need to pay for your home. Luckily, there are a few different programs available that can give you a helping hand.
In this article, we’ll discuss first time home buyer grants in Dallas, TX and how to apply for them.
What Are First-Time Home Buyers?
By US Department of Housing and Urban Development (HUD) standards, first-time homebuyers are those who meets any of the following criteria:
- Someone who hasn’t owned a primary residence in three years. If you’ve owned a home before but your spouse hasn’t, you can buy a home as first-time homebuyers together.
- Any single parent who has only ever shared a home with a past spouse.
- A housewife who does not have a home and only has a history of owning a property alongside her husband.
- An individual who only has a primary dwelling that is not standing on a permanent foundation as required by law.
- A person who has lived in a property that did not meet state, local, or model building codes and could not meet compliance for less than the cost of erecting a permanent structure.
What are first time home buyer grants?
First time home buyer grants are funds given to individuals who meet certain criteria, such as being a first-time homebuyer or meeting income requirements.
These grants are meant to help first-time buyers with some expenditures that goes with acquiring a home. They usually cover a portion of the down payment, closing costs, or even the entire buying price.
And because they are need-based, you do not need to repay them, as long as you live in your home for the specified time period.
Although the federal government does not offer them directly, many first-time homebuyer awards are the consequence of federal support. This money is subsequently given to local states, counties, and municipalities, which subsequently construct grant programs for residents within their borders.
Therefore, only state and local governments, nonprofits, and even private organizations are eligible to award these grants. Also, you can use the money for a variety of purposes, such as purchasing a home, remodeling, or repairing a home.
Who is eligible for first time home buyer grants?
To be eligible for a first time home buyer grant in Dallas, TX, you’ll need to meet certain requirements. In fact, most first time home buyer grants are available to anyone who meets the requirements. This includes people who have never owned a home before, or those who have been through a foreclosure or bankruptcy.
In addition, most grants require that the potential home buyer live in the home they are purchasing. There are a few exceptions to this rule, but for the most part, grant recipients must occupy the home they are buying. Generally, you must be a U.S. citizen or a permanent resident, you must occupy the home as your primary residence, and the property must be your only residence.
You’ll also need to meet income and credit requirements. These vary from grant to grant, so it’s important to read the guidelines carefully before applying. Grant amounts usually range from $1,000 to $10,000, so they can be quite helpful in reducing your overall costs.
How To apply for first time home buyer grants?
So you’re ready to buy your first home in Dallas, TX? Great! Applying for first time home buyer grants is a great way to start. There are a few different ways to go about it, but the best place to start is by talking to a local lender or real estate agent.
They can help you navigate the application process and give you tips on how to increase your chances of getting approval. Be sure to read the eligibility requirements carefully, as not everyone will be eligible for all grants. And remember, it’s always best to start early—the sooner you apply, the better your chances of getting the grant you want.
READ ALSO: How to Apply for and Get the Rolex Foundation Grants
First Time Home Buyer Grants In Dallas, TX
In April 2021, the median listing price for properties in Dallas was $418,700. According to Realtor.com, this was up 11.7 percent year over year.
A down payment in Dallas today could cost as much as:
- $12,560 – A minimum down payment of 3%
- $83,740 – A maximum down payment of 20%
Dallas offers three different down payment help options. Your needs will determine the amount you will receive, which is capped at $40,000 in most places.
You must have a household income of no more than 80% of the area’s median income to qualify for home buyer assistance in Dallas.
“The aid is a second lien as a forgiven deferred loan,” according to the website. The loan is interest–free, with no monthly payments, and is prorated annually based on the time of affordability (residency term of the loan). When the property is sold, leased, transferred, or otherwise disposed of, a portion of the debt is due.”
You can get first time home buyer grants in Dallas, TX here. Or call (214) 670–3644 for more inquiries.
How much money can I get?
The amount of money you can get from a first-time home buyer grant varies depending on the program. However, most grants range from $2,000 to $10,000.
Keep in mind that you may not be able to use the entire grant amount for your down payment. You’ll need to contact the grant provider to find out more about the specific terms and conditions.
Conclusion
We are sure it will happen for you, finally, and that is why you are reading this. You will, eventually, know what it feels like to have a place to call home. And you’d see, that the feeling is different, the joy unexplainable, and the inner peace almost unreal.
If you’re a Dallas, TX resident who is looking to buy your first home, know that you may be eligible for a first time home buyer grant. These grants are provided by the government to help first time home buyers afford a down payment and closing costs.
In order to apply for a first time home buyer grant, you must meet certain eligibility requirements. And also, the amount of money that you can receive from a first time home buyer grant will vary depending on the program that you qualify for.
