First time home buyer programs in Fort Worth, Texas?

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My husband and I are planning on buying our first home this summer in Fort Worth, Texas. We currently live in Indiana, but we are relocating to the Fort Worth area in May due to my husbands job. We have found the property we want, but are struggling to come up with all of the money for down payment and closing costs. Our loan approval is for a conventional mortgage as it stands right now, but we are also considering an FHA loan instead.. would this be very beneficial? Also, are there any programs, or first time buyer credits of any sort that we could be taking advantage of?

  1. Reply
    the kid
    May 3, 2011 at 8:06 am

    FHA would be beneficial because your down payment would be a LOT lower. Like 3.5% compared to almost 20%.

    There’s really no credits/grants, etc

  2. Reply
    May 3, 2011 at 8:54 am

    FHA is usually 3.5% down, so that may help. Also, look to see if this property qualifies for the USDA Rural Development loan, which is zero down. There are area restrictions, income restrictions which are specific to where the house is, so you will qualify as well.

    I am not aware of any areas that have any programs, grants or credits for FTHB.

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