Frequently Asked Questions
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How
does your company help with grant money?Texas Capital Mortgage is an “Affordable Lending Partner”. (Texas Mortgage Broker License #65252) We can give you program information and help you apply for grant money and for your mortgage.
Will I have to repay the down payment assistance money?
If most cases the money will not have to be repaid if you live in the home for at least five years.
How are the county and city assistance programs different?
These programs are similar with the main difference being the allowable location of the home to be purchased. We can explain the differences and help you select the best grant program.
Can I get both grants?
No.
Do I need to have good credit?
Yes, your credit needs to be good enough to be approved for a mortgage. The Harris county program also has a minimum credit score requirement.
How do I find out if my credit is acceptable?
We can check that for you. There is no application fee or obligation for this.
Do I need to have a home selected to start the process?
No, we suggest beginning the application process first and select a home later.
Does the process take long?
The normal time to get your grant and a mortgage is 6 weeks. It may take more or less time.
How much of my own money is required for a down payment and closing costs?
The minimum is $350 and in many cases you will need more than this.
What do I do to get started?
Call or email us for a prequalification. We will review your information and help you select a program and mortgage to fit your needs. Then we will give you information on how to complete a homebuyer education course. Next you can select the home you want and make an offer. When your offer is accepted we will help you finish the details.
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Texas Capital Mortgage, 28 FM 1960 West, Houston TX 77090 - Glenn Lamb Broker #65252strong>