It is true that the down payment assistance is a tough challenge for the first-time buyers but not as tough as it seems to them. The problem is that the first-time buyers tend to underestimate their capacity for qualifying the eligibility of Texas down payment assistance and they overestimate their required amount of money.
While the first-time buyers suffer from the lack of confidence, the survey reports that 39% buyers assume that the down payment assistance in Texas requires 15 percent, which actually is 11-15 percent. The survey of 2015 says that many buyers engaged in a down payment less than 11 percent. Several agencies also offer a percentage of 3.5.
If you get a lower down payment assistance program in Texas, you would still need a minimum amount of money for the first mortgage regardless of which kind of house you want to buy. You have to pay an amount of money for both new and used home. The survey of 2015 says that the median price for a newly built home with 10 percent interest was $30,450, with 5 percent interest rate it was $15,225 and with 3.5 percent interest rate it was $10,650.50. So according to this report, you have to pay the minimum amount. The good news that lies behind all these is that there are several assistances in Texas. So, while choosing one checks how much interest rate they offer.
