First Time HomeBuyer Programs: DPA & MCC/Others?

[Christopher Murphy]

Hi All,

I have been exploring for the past couple months and recently came across some first time home buyer programs that I think I need to take advantage of. I am scrambling to find more information as there is one deal in particular that I am hoping to put an offer on over my purchase price allowance.

I am eligible for DPA and MCC. I currently am approved up to $240K 5% conventional and $235K FHA. However, a lot of the cash flows in my area are at a $250K purchase price. Instead of covering the 10K-15K difference out of pocket, I would like to take advantage of these programs as a househack for ideally 1-2 years. I understand the MCC increases in effectiveness overtime to the 5-year mark, and other details about the DPA, but would love anyone who has used or researched these programs feedback.

ALSO, I am seeing this program with BoA up to $17,500 in first time home buyer assistance? I am calling in the AM, but would love feedback to others with knowledge and experience about any of these or other programs I should look into. Thank you!

Best,

Chris

[Andrew Postell]

@Christopher Murphy thanks for posting.  Yes, there are lots of different programs here in Texas for this sort of thing.  Some are only available in certain cities too so make sure you are working with a local lender. Kind of surprising that your current lender didn't say anything about it?  Some programs are lender specific...so I wonder if they just don't have access to them?  In either case, it's your right to have access to these programs.  Please get with a lender right away who can explain the difference between them - and the hint here is that someone with good experience on these programs can explain them without having an application from you.  So be wary of a lender saying "yeah, just submit an application and we can tell you what you qualify for"....try someone else if you run into that.

Feel free to post anything else if you need.  Thanks!