As a first-time home buyer, purchasing a home is one of the biggest financial decisions you can face. There are Texas state loan programs available for first-time buyers that can help!
The Texas Department of Housing and Community Affairs (TDHCA) and Texas State Affordable Housing Corporation (TSAHC) offers qualified Texas home buyers the following programs:
- My First Texas Home – This TDHCA program features 30 year fixed interest rate mortgage loans available to first time homebuyer or a homebuyer that has not owned a home in the last 3 years. You can also receive down payment assistance up to 5% of the loan amount. Find out more about eligibility and features from the TDHCA website!
- My Choice Texas Home – This TDHCA program features 30-year fixed interest rate mortgage loans and down payment assistance up to 5% of the loan with NO first time homebuyer requirement!
- Homes for Texas Heroes – This TSAHC program is for teachers, fire fighters, EMS personnel, police, correctional officers and veterans. Offers 30 year fixed interest mortgage loan options with down payment assistance up to 6% of the loan amount.
- Home Sweet Texas Home Loan Program – TSAHC program for home buyers with low to moderate incomes which provides 30-year fixed interest rate loan with down payment assistance available up to 6%! Check to see if you qualify on the TSAHC website:
- Down Payment Assistance – TDHCA & TSAHC programs both have down payment assistance available up to 5-6% of the loan amount. These can be provided as a grant which never needs to be repaid or as a repayable second lien loan.
- Mortgage Credit Certificates (MCC) – First time home buyers may also apply for an MCC which is a special tax credit that helps reduce your federal income tax every year you live in the home. An MCC allows you to receive a tax credit equal to 20% of the mortgage interest you pay each year. You must apply for the MCC before you close on your home.
You can visit the TSAHC website to take an eligibility quiz or talk to a qualified lender to see what programs will work best for you! If you need a lender recommendation, give us a call at (214) 449-1022 and we’d be happy to help you throughout your home buying process!