May 4, 2010
The federal homebuyer tax credit has received a lot of coverage over the past several months, but one thing not widely publicized is that the April 30 deadline doesn't apply to everyone. Some members of the armed services get a one-year extension.
That's right, if you were on active duty outside the U.S. for at least 90 days in 2009 or this year through April 30, you have until April 30, 2011 to get a signed contract on a home.
For those people who missed the deadline and aren't in the armed forces, all is not lost. First-time homebuyers who buy a home in Bexar County outside the city limits of San Antonio may qualify for a five-year forgivable loan of up to $10,000. Don't meet those criteria? Perhaps you're buying a home in the city of Dallas … there's a program there, too.
In fact, there are buyer assistance programs in Galveston, Corpus Christi, El Paso, Houston … the list goes on. Some programs are for first-time buyers, some are for veterans, some provide assistance if you plan to rehab a house that needs a little work.
The criteria you must meet vary from one program to the next and the benefits can include downpayment assistance, below-market mortgage rates, and forgivable loans. That means that if you meet all the requirements over a certain time period, you do not have to pay the loan back. Programs end … new programs come on line.
So how do you figure out if you qualify for any of these assistance programs? One good starting point is TXHomePrograms.org. This site, sponsored by the Texas Association of REALTORS®, lists all available programs in the state. You can search the entire list, or you can input a few specifics about your situation and see the programs that apply to you. It's certainly worth your time if you're thinking of buying a home.
