Amarillo, TX - There's a local and state push to increase the amount of first time home buyers.
Realtors in our area say there are plenty of homes for sale, the only problem is there aren't enough first time home buyers who can handle the down payment.
Now the city and state are trying to help those struggling financially.
The decrease in first time home buyers is hoping to be offset by an increase in assistance.
The City of Amarillo has a first time homebuyer program which has changed throughout the past few years in order to offer more for those struggling to come up with the money needed.
"They offer up to 75-percent of your closing costs and down payment, so it's a huge help for those first time home buyers and that's often what we see in a first time homebuyer, is that they don't have the cash for the down payment," says Christy Conger, Amarillo National Bank, Mortgage Loans.
The Texas State Affordable Housing Corporation also has programs for those purchasing a home for the first time.
"They're offering a thirty year fixed interest rate mortgage loan and that is at four-percent right now. In addition to that, we are offering a grant of five-percent that can be put toward the down payment and closing costs," says Janie Taylor, Texas State Affordable Housing Corp.
Area realtors say with mortgage rates at an all time low, now's the perfect time to get the keys to your first home.
"I mean right now, interest rates are ridiculously low, people were complaining because they are not below four-percent, but I've known times where interest rates were four times as high. So they need to count their blessings and take advantage of the opportunity if they qualify," says David Grimes, Broker, Keller Williams Realty.
Now the best way to apply to the city program is by calling Amarillo National Bank at 806-358-3008.