Looking for Down Payment Assistance in Texas?
August 9, 2024
1 min read
First-Time Homebuyer Programs and Down Payment Assistance in Texas
Are you looking to buy your first home in Texas? There are a few organizations in Texas that offer enticing programs for aspiring homeowners. The Texas Department of Housing and Community Affairs (TDHCA) and the Texas State Affordable Housing Corporation offer first time homebuyer tax credits, down payment assistance programs and loan programs to help make owning a home more attainable for Texans.
What It Offers
The TDHCA My First Texas Home Program is designed for first time homebuyers across the state who are looking to make homeownership more attainable, offering educational courses through Texas Homebuyer U and the Texas Statewide Homebuyer Education Program and a low-interest mortgage loan with tax credits and the option for down payment assistance.
Key Advantages
1. Financial Help: This loan program has flexible down payment and closing cost assistance available at up to 5% of the loan amount available as a 0% interest second mortgage
2. Tax credits: This mortgage is eligible for a mortgage credit certificate
Eligibility Requirements
-First-Time Buyers: You must be buying a home for the first time or have not owned a home in the past 3 years.
-Income Requirements and purchase price limits
-Credit Score: This program has a minimum credit score requirement of 620.
What It Offers
The Home Sweet Texas program is a home affordability program for low and moderate-income families that provides down payment assistance in the form of a grant or a deferred forgivable second loan in addition to tax credits and a low-interest home loan.
Key Advantages
1. Down Payment Assistance: qualified applicants will receive up to 5% in down payment and closing cost assistance in the form of a grant or deferred, forgivable second loan.
2. Fixed-rate, low-interest mortgage loan
2. Financial Education: Participants receive valuable financial education and counseling to helpthem manage their finances effectively.
Eligibility Requirements
- Income Limits: You must meet specific income limits, set below a certain percentage of the area median income.
-Credit Requirements: To qualify for the Home Sweet Texas Home program, you must have a credit score of 620 or higher.
-Educational Requirement: To qualify for this program, you’ll need to complete a homebuyer education course.
If you’re saving for your first home, be sure to join Foyer to learn more about how to prepare for homeownership.
