Financial Assistance Available for First Time Home Buyers

by Diane Tuazon
NewsWest 9

MIDLAND - Home forclosure and For Sale signs dot the lawns here in the Permian Basin.
The real estate business calls it "a buyers market."

For first time home buyers making that purchase can be pretty overwhelming.

"We have a large assortment of services available in a way of down payment assistance or credit help. We're helping them with the resources to remain home owners, " Betsy Seanard with Midland College, said..

Midland College and Midland Affordable Housing Providers hope their new program will make the entire process easier for first time buyers.

"We have the homebuying class that's teaching them how to purchase a home the smart way. Going through a proper mortgage company with a mortgage they can afford, and with the house they can afford," Seanard said.

"This program definitely helped. Who doesn't like a lower house payment. When they're working side by side, why not get both?" Homeowner Sandra Torres, said.

It was Sandra Torres' first time buying a home, and she says without the help of the individual development acount, or match savings program she wouldn't have had an affordable mortgage for her new home.

"It helped with the down payment and brought down or monthly payments. We were able to save $1,000 for 6 months. They match 3-1, $3 for every $1, so we ended up getting $4,000 in down payment assistance so of course that brought our payments down." Torres said.

Betsy Seanard says overall people should take advantage of this buyers market and make that dream home a realty.

"The IRS is giving a tax credit to first time homebuyers in 2009. If they purchase a home on or before December 1st, they will get a 10% tax credit." Seanard said.