Texas First Time Home Buyer Incentives - MCC DPA & Seth Goldstar

[Danielle Scott]

Looking to buy my first home in Houston and am overwhelmed by all the options for lenders and title companies. For the lender, one has given me information on mortgage credit certificate programs, down payment assistance programs, and another called seth goldstar. I've discussed with a few others and only one does programs like these - essentially they have no info on what options I might have besides a conventional loan with 3-20% down. I'm a little bit wary of the one lender that gave me all this information that seems too good to be true and he has something to benefit by me using him. On the surface, it looks like I qualify income and credit score wise. I have the money for a 10% down payment but that will be all my money with none left over for repairs or things that need to be updated. I'm worried of getting trapped with a ton of money I have to pay back if I don't fully understand these programs. Looking to educate myself and a neutral third party's opinion. 

I'm looking to buy a fixer upper single family or condo and live in it while renting out the spare room for extra income towards fixing up the home. I plan to stay for at least 5 years, which seems to be the only catch according to the lender on using these programs. I don't know what kind of questions I should be asking these lenders. Help!