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How We Help Newlyweds Get a Down Payment After Going Down the Aisle
Just married? Congrats!
If you’re like most newlywed couples, you may have lots of new home furnishings but no place to put them. And like most couples, you may be struggling with coming up with a down payment on your first home together because of wedding expenses.
That’s where we can help. Our Home Sweet Texas program provides eligible low and moderate-income home buyers with a fixed rate mortgage loan and a grant of up to 5% of the loan amount for down payment assistance. Click here for more information about the program’s basic requirements and how to apply.
You and your partner may also be eligible for a Mortgage Credit Certificate if you are both first-time home buyers. An MCC is a special mortgage interest tax credit that can save you up to $2,000 every year on your income taxes.
Additionally, we wanted to share a few important home buying tips for newlyweds that we compiled from homebay.com and a prior On the House blog entry.
- Set a responsible budget, and evaluate your overall financial situation. If you’re uncertain about what you can afford, have questions about the home buying process or are interested in improving your financial health, visit www.texasfinancialtoolbox.com. You can connect with an organization there that will help you achieve your financial and homeownership goals.
- Agree on a new home wish list. Some of the items on the list should be must-haves (e.g. price, location, and number of bedrooms). But some of the features should be nice-to-haves. These features don’t have to be deal breakers. Coming up with this list will help you narrow your search and save time during the home buying process.
- Consider your long-terms plans and goals. Do you want a starter home that will suit your needs for a few years before moving up the property ladder, or do you want a forever home that can accommodate a growing family? Do you have other financial goals that will limit what you can contribute to a mortgage payment? Do you intend to go back to school, make a career change, or relocate? Answering these kinds of questions will help you and your partner figure out the right home to buy.
To celebrate June as homeownership month, TSAHC is focusing our blog posts this month on promoting the benefits of our Home Sweet Texas program and sharing home buying tips for newlyweds, renters, and millennials.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.
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