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Home Buying Programs In Texas. If you live anywhere in the state of Texas, there are all kinds of different programs that are offered for those who are looking to purchase their first home, all of which are offered by the TDHCA, or the Texas Department of Housing and Community Affairs, as well as other various organizations.


First Time Homebuyer Texas Requirements


Here are three of the most popular programs in Texas for first-time home buyers to consider.


*Perhaps one of the most popular programs is TDHCA’s My First Texas Home program. This program includes a 30-year mortgage with a lower interest rate, as well as up to a total of 5% in down payment assistance that is completely interest-free. Loans that are able to be obtained through this specific program include VA, USDA, and FHA. When the time comes in which you’re prepared to either sell your home, refinance your mortgage, or pay off the mortgage, this assistance is required to be repaid. Those funds are then used again to help other home buyers.


*Home buyers who are purchasing a home either for the first time or more are able to take advantage of the My Choice Texas Home program. This program offer a lower-rated mortgage, as well as up to 5% of total assistance to help with covering both the down payment and closing costs. This is also a zero-monthly payment, zero-interest second mortgage. Furthermore, in addition to loans such as VA, USDA, and FHA, you will also be able to obtain a Fannie Mae HFA Preferred conventional loan. In order to qualify, your credit score is able to be as low as 620; however, you are also required to be within all purchase price and income limits.


Home Sweet Texas Home Loan Program

*Home Buying Programs In Texas. The TSAHC, or Texas State Affordable Housing Corporation, offers the Home Sweet Texas Home Loan Program, which is a 30-year fixed-rate mortgage that provides up to a total of 5% down payment assistance, which can either be used as a second mortgage or grant. No interest and no monthly payments are required on the second mortgage and will also be forgiven after a period of three years. On the other hand, should you decide to either refinance your mortgage or sell your home prior to the three years ending, you will need to repay the loan in full. This program is able to be used to obtain loans such as Fannie Mae HFA Preferred, Freddie Mac HFA Advantage conventional, FHA, USDA, or VA.