Hey there! Navigating the journey to homeownership can feel overwhelming, but knowing about the right assistance programs can make a world of difference. Let’s explore the options available for first-time homebuyers in Round Rock, Texas.

Community Development Block Grant (CDBG) Programs

The City of Round Rock utilizes funds from the Community Development Block Grant (CDBG) program to support various community services, including housing assistance.

Available Programs

• Minor Home Repair Program: Aims to make health and safety-related repairs to owner-occupied homes, prioritizing very low-income applicants and income-eligible elderly or disabled occupants.
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• Funding for Non-Profits: Allocations to organizations that provide essential services, such as housing assistance, to low and moderate-income residents.
  (More info)

Statewide Assistance through TSAHC

For more comprehensive support, the Texas State Affordable Housing Corporation (TSAHC) offers programs that might be beneficial:

• Homes for Texas Heroes Program: Designed for professionals like teachers, police officers, firefighters, EMS personnel, veterans, and correctional officers. It provides down payment assistance and fixed-rate mortgage loans.
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• Home Sweet Texas Home Loan Program: Available to eligible low and moderate-income homebuyers, offering similar benefits to the Heroes program.
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Eligibility Criteria for TSAHC Programs

• Credit Score: Minimum of 620.
• Income Limits: Vary by county and household size; it’s essential to check the specific limits for Williamson County.
• First-Time Homebuyer Status: Defined as not having owned a home in the past three years.

Benefits

• Down Payment Assistance: Grants up to 5% of the loan amount.
• Fixed-Rate Mortgages: Competitive interest rates.
• Mortgage Credit Certificates: Potential annual tax savings.

Potential Drawbacks

• Income and Purchase Price Limits: This may restrict some buyers.
• Funding Availability: Subject to change; it’s crucial to verify the current program status.

Application Process

1. Eligibility Quiz: Start by taking TSAHC’s online quiz to determine qualifications.
2. Homebuyer Education: Complete a required course through an approved provider.
3. Connect with a Lender: Work with a TSAHC-approved lender to proceed with the application.

Program Type

These programs primarily offer down payment assistance and may include mortgage credit certificates for tax benefits.

Availability

TSAHC’s programs are available statewide, including Round Rock and Williamson County.

Additional Resources

• Travis County Hill Country Home Down Payment Assistance Program: Offers assistance to eligible buyers in Travis County, which includes parts of the Austin-Round Rock metropolitan area.
  (More info)

Embarking on the path to homeownership is a significant step, but with the right resources and support, it becomes an achievable dream. If you have further questions or need more personalized guidance, feel free to ask!