\n\t\t\t\t
The Texas Bootstrap Loan Program is one of the more distinctive first-time homebuyer programs around the country.\u00a0<\/p>
This offer quite literally has you build your own home instead of just helping you purchase a home.\u00a0<\/p>
You\u2019re required to be under the supervision of a Nonprofit Owner-Builder Housing Provider, or NOHP, who is certified by Texas, to make sure you know what you\u2019re doing and that you are following all laws.<\/p>
So if you enter this program, you\u2019re required to do at least 65% of the labor associated with the building, and this gap can be filled in by NOHP, family members, friends, and volunteers.\u00a0<\/p>
Your total debt-to-income ratio can\u2019t exceed 45%, and you have to have lived in Texas for at least six months before applying.\u00a0<\/p>
The maximum benefit of the program is $45,000, although you are not barred from seeking finances from other places as well.<\/p>
Benefit:<\/b><\/i><\/p>- A loan to build your own home is available.<\/li><\/ul>
Challenges:<\/b><\/i><\/p>- Very labor-intensive and time-consuming.<\/li>
- Must be under the supervision of a NOHP<\/li><\/ul>
Eligibility:<\/b><\/i><\/p>- Cannot have an annual household income higher than 60% of the state\/local median family income<\/li>
- Need a reasonable credit history.<\/li><\/ul>
Best for:<\/b><\/i><\/p>- Families who have low income and very little home buying options.<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t