Realtors in Central Texas have a variety of financing options available to them. Blake recommends that agents set up a Home Equity Line of Credit (HELOC) as a financial safety net. This type of loan is ideal for major emergencies, such as keeping a roof over your head or having food on the table. Banks usually don't charge fees if the loan isn't used.
To be eligible for a HELOC, lenders take into account your income, debt-to-income ratio, and the cumulative value of your home. It's important to obtain approval during periods of stable income. When selling a home, it's likely that the house won't be appraised at the list price. To protect buyers, real estate agents should offer a full valuation exemption.
This means that the buyer will have to cover the difference between the offer price and the amount of the valuation. The Texas Property Code states that buyers still have the right to continue with the purchase if the valuation is lower than the contract price. The funds can then be used to cover the difference. The Texas State Affordable Housing Corporation (TSAHC) offers mortgage loans and down payment assistance (DPA) to qualified homebuyers in Texas. DPA can be received in the form of a grant (which doesn't need to be repaid) or a deferred and forgivable second tax loan (which should only be repaid if you sell or refinance within three years).The Texas Mortgage Credit Certificate Program provides additional savings to first-time homebuyers in Texas on their federal income taxes.
This program allows eligible borrowers to claim a tax credit for a portion of their mortgage interest payments each year. The My Choice Texas Home program also offers mortgage loans and assistance with down payments and closing costs for all types of homebuyers in Texas. Realtors in Central Texas have access to several financing options that can help them purchase or sell a home. Setting up a Home Equity Line of Credit (HELOC) is an excellent way to provide financial security in case of an emergency. Buyers should also consider taking advantage of down payment assistance programs such as TSAHC and My Choice Texas Home, as well as the Texas Mortgage Credit Certificate Program.
