First Time Home Buyer Programs in Texas: Know Your Options Part 1
Texas is a great place to buy a home for many reasons. One reason is that the state does a lot to support homeownership. That includes various programs to make buying your first home more affordable. This post will explore what you need to know about first-time home buyer programs in Texas.
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The Ultimate Guide to First Time Home Buyer Programs in Texas
Local Texas Homebuyer Assistance
Keep an eye out for city-specific programs, like Austin’s down payment assistance. It offers up to $40,000 in assistance for down payments and closing costs.
TDHCA: My First Texas Home
With the TDHCA My First Texas Home program, first-time homebuyers can get a 30-year mortgage with a low interest rate. The program also offers up to 5 percent in interest-free down payment assistance.
TDHCA: My Choice Texas Home
The TDHCA’s My Choice Texas Home program offers a similar low-rate mortgage. It can also provide up to 5 percent assistance for closing costs and down payment.
TSAHC: Homes for Texas Heroes Program
Public service professionals like teachers, police officers, firefighters, and eligible veterans can use this program. It offers a 30-year mortgage and up to 5 percent down payment assistance. Income and home price must align with program limits, and assistance can be either a grant or a second mortgage.
TSAHC: Home Sweet Texas Home Loan Program
The TSAHC offers this program. It features a 30-year fixed-rate mortgage and up to 5 percent down payment assistance. The assistance can be as a grant or a second mortgage. You will need a 620 credit score and meet income and purchase price limits.
Other Homebuyer Assistance Programs
Remember the Mortgage Credit Certificate, a federal tax credit for a portion of your annual mortgage interest. Combine it with a My First Texas Home loan or other eligible programs for added benefits.
Beyond Texas-specific programs, consider national options for additional support on your home buying journey. Options include FHA loans, VA loans, USDA loans, or HUD’s Good Neighbor Next Door program.
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