Thinking about purchasing a home but you are concerned about the mortgage payments? There is no need to worry. There are several programs that offer mortgage assistance for Texas homeowners. It doesn’t matter if this is your first home or if you have owned a home before. Even if you are a current homeowner, you can also access mortgage assistance.

Mortgage payments are a big deal to most people. You have to plan ahead and make sure that you will be able to make your payments on time. No one wants to miss their mortgage payments and have their home taken from them.

If you need help to prevent foreclosure of your home or you want to buy a home and you don’t know how you will be able to afford it, check out these programs that are designed to provide mortgage assistance for Texas homeowners.

Programs that offer mortgage assistance for Texas homeowners

1. Home affordable modification plan (HAMP)

HAMP is a national program which can provide Mortgage assistance for Texas homeowners. The program reduces your mortgages rate so your monthly payments become more affordable. As a result, foreclosure can be avoided.
In order to be eligible for this type of assistance, there are some criteria that need to be met.

Some Eligibility requirements are:

• You received your mortgage on or before January 1, 2009.
• You are delinquent or about to be delinquent with mortgage payments because of your financial status.
• Your property is habitable and not condemned.
• Your current income is adequate enough for you to afford your new payments.

Unfortunately, not all mortgage providers participate in this program but it doesn’t hurt to check. You may just be provided with options that are unique to your lending institution.

2. Home affordable refinance program (HARP)

HARP is a relatively new national program. It target homeowners whose houses have lost value. In these situations, the homeowner can get mortgage assistance via refinancing their mortgage so their monthly payments are lowered. The program is so designed that you have the option of selecting lower interest rates, shorter repayment periods or fixed interest rates.

Some eligibility requirements are:

• Your mortgage payments must be current.
• Your loan payments began on or before the 31st of May, 2009.
• Your LTV (Loan to value) ratio must be higher than 80%.

This type of mortgage assistance for Texas homeowners dictates that your loan must be serviced by Fannie Mae or Freddie Mac. So, once again it may not be accessible to all homeowners.

3. Mortgage credit certificate program (MCC program)

If you are not yet a homeowner, this program is for you. It is geared towards helping persons to own a home even if they are low income earners. It is beneficial to a new home owner because it has tax benefits. Once a homeowner has been given this certificate, they will be able to receive a tax credit so that their tax liability is lowered.

Some eligibility requirements are:

• You haven’t owned a home for the past 3 years.
• You must complete a homebuyer education course
• Your income meets the required qualifications

For each Mortgage assistance program discussed above, there may be additional requirements. It is best to speak with your lender to find out all the information relevant for you to proceed with the program for which you qualify. You can also contact the TSAHC (Texas State Affordable Housing Corporation) if you need more information on Mortgage assistance for Texas homeowners.