New mortgage assistance program helps broad range of home buyers
Fri, 01 Aug 2014 23:48:55 GMT —
A Texas down payment assistance program is helping a broad range of home buyers afford houses by offering grants.
The SETH 5 star program helps by providing help with down payment and closing costs in the form of a grant without repayment.
The grant would help with up to 5 percent of the loan and costs.
Caprock Realty Groupsâ??s Dirk Van Reenan also said this isnâ??t just a program for low income buyers. He said this program increases the minimum income requirement to no more than $73,000.
â??itâ??s not just low income buyers. There are fantastic opportunities here for people to buy homes that are $150,000 to $250,000 dollars and get up to 5 percent of the free grant. For a $250,000 home, they can get up to a $12,500 free grant. Weâ??re really excited about this program,â?? Van Reenan said.
According to the Texas Association of Realtors, home buying increased more than 2 percent since last year, and almost 50 percent from last quarter of this year with more than 900 homes sold.
First United Mortgage is one of the lenders participating in the program. They said many first time home buyers have trouble coming up with down payment and closing costs, but said this program has great potential.
â??First United will visit with them and put them with the program that fits them best. This program allows people trying to upgrade and get into a bigger house," First United Mortgageâ??s Gaye Crump said.
Van Reenan said June was the biggest month in real estate selling theyâ??ve ever had in the real estate history of Amarillo. He said he hopes this program will make the rest of the year even better.
â??With a program like this, Iâ??m sure 2014 will be even better,â?? Van Reenan said.
Buyers must still meet mortgage loan requirements to apply for the assistance. To see a list of those requirements and find out more about the program, buyers can go to the Caprock Realty Group website.