Real Estate
'Overcoming the Down Payment Hurdle'
By Allen Rich
Aug 8, 2019
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Bonham, Texas -- It was a great opportunity to study the challenges and options many first-time homebuyers must consider, as well as for a chance for lenders and realtors to network when Fannin Bank hosted Overcoming the Down Payment Hurdle seminar on Wednesday, August 7, 2019 in the council chambers at Bonham City Hall.

One of the first questions first-time homebuyers typically ask is, "How much down payment will I need?"

"One of the biggest obstacles people are facing today is the down payment," said Allen Sanderson, Fannin Bank Vice-Chairman, as he welcomed the crowd. "We find that quite often first-time buyers can afford the monthly payments, but not the down payment needed to qualify for certain programs."

Allen Sanderson

Frank Duplechain III, Specialist, Homeownership Programs with Texas State Affordable Housing Corporation (TSAHC), was the featured speaker at the seminar and Mr. Duplechain deftly addressed everything from down payments to why a second lien can make sense in some markets.

The fast-paced and informative discussion covered the mission of Texas State Affordable Housing Corporation, down payment assistance, mortgage credit certificates, program fees, how does someone qualify and marketing resources.

The Texas State Affordable Housing Corporation is a 501(c)(3) nonprofit organization with the mission to serve the housing needs of low-income Texans by utilizing affordable housing programs in Texas.

Mr. Duplechain explained the difference between a tax credit and a tax deduction.

Tax credit is a reduction of tax liability or taxes owed.

A tax deduction is a reduction of taxable income.

Frank Duplechain III

Two programs that could help some first-time home buyers are Homes for Texas Heroes Home Loan Program and Home Sweet Texas Home Loan Program.

The Homes for Texas Heroes Home Loan Program provides home buyer assistance specifically to teachers, police officers, firefighters and EMS personnel, corrections officers, and veterans.

The Homes Sweet Texas Home Loan Program is available for Texas home buyers with low and moderate incomes.

For more information regarding ways to overcome the down payment hurdle, contact your local financial advisor or real estate professional.