FAQs
1. How do I know if I qualify for downpayment assistance?
Qualifying for downpayment assistance is based on a number of factors, including the gross income of all in the household, your credit score, your debt to income ratio, etc. Attend one of Housing Channel’s upcoming orientation classes to get started.
2. How do I know if I’m ready to buy a house?
Buying a home is a personal decision. It involves various stages. If you feel you are ready, begin by meeting with a Housing Channel advisor to discuss an action plan and/or attend our homebuying orientation.
3. What are the steps to homeownership?
When it comes to buying a home, we are the experts. There are steps that we recommend to purchase a home:
1) Prepare for homeownership
2) Determine How Much Home You Can Afford
3) Get Your Loan Pre-Approved / The Four C’s
4) Decide What (and Where) Kind of Home You Want & Need
5) Start Shopping for A Home w/ a Real Estate Professional...
4. What kind of credit score do I need to qualify for a house?
Most lenders require a minimum 640 credit score. Meet with a Housing Channel advisor or attend one of our Financial Literacy Workshops for more information.
5. I have a family with only one income. Can I afford to buy a home?
One income can still be enough to buy a home and even qualify for downpayment assistance. Mortgage loans are approved based off of the applicant’s income. You can meet with a Housing Channel advisor to discuss the affordability of a home based on your income.
6. I am a veteran. What downpayment assistance plans are available to me?
In addition to VA loans with $0 down, there are local and state downpayment assistance programs, like TDHCA, SETH, and TSAHC. Banks like Bank of America also offer programs to veterans. If you want to further explore and learn more about downpayment assistance programs for veterans, you can speak to a Housing Channel advisor.
Don’t see what you’re looking for? Contact Us.
To improving your personal credit score to post-purchase counseling, make sure you’re speaking to the right person.
Phone: 817-924-5091 x3288
Toll-Free: 1-877-924-5095
Fax: 817-924-7619
OR info@housingchannel.org