Buying a home for the first time can be a daunting task, especially if you’re unfamiliar with the various programs available to assist first-time homebuyers. Fortunately, if you’re looking to purchase a home in the DFW Metroplex we try to make it easy to own a home by helping you mavigate the entire home-buying process and introducing you to the many first-time homebuyer assistance programs available to you.

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In Texas, a first-time homebuyer is someone who has not owned a home before or who has not owned a home in the past three years. Depending on your own circumstances the many programs available offer a range of benefits that include down payment assistance, reduced interest rates, and tax credits.

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Let's take a brief look at some of the popular first time home buyer programs. If any of these are of interest to you please fill out the contact information form at the bottom of this page and we will get right back with you.

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1. Texas First-Time Homebuyer Program - The Texas First Time Homebuyer Program offers down payment assistance of up to 5% of the loan amount to eligible first-time homebuyers. This program is open to individuals and families with low to moderate incomes and can be used to purchase a single-family home, condominium, or townhome. To qualify, you must meet certain income requirements, be a Texas resident, and have a credit score of at least 620.

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2. My First Texas Home - The My First Texas Home program offers a variety of options to help first-time homebuyers purchase a home, including down payment assistance, fixed-rate mortgage loans, and mortgage credit certificates. This program is open to individuals and families with low to moderate incomes and can be used to purchase a single-family home, condominium, or townhome. To qualify, you must meet certain income requirements, be a Texas resident, and have a credit score of at least 620.

 

3. Texas Mortgage Credit Certificate Program - The Texas Mortgage Credit Certificate Program offers a tax credit of up to $2,000 per year for the life of the mortgage loan to eligible first-time homebuyers. This program is open to individuals and families with low to moderate incomes and can be used to purchase a single-family home, condominium, or townhome. To qualify, you must meet certain income requirements, be a Texas resident, and have a credit score of at least 640.

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4. Home Sweet Texas Home Loan Program - The Home Sweet Texas Home Loan Program offers down payment assistance of up to 5% of the loan amount to eligible first-time homebuyers. This program is open to individuals and families with low to moderate incomes and can be used to purchase a single-family home, condominium, or townhome. To qualify, you must meet certain income requirements, be a Texas resident, and have a credit score of at least 620.

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5. Southeast Texas Housing Finance Corporation - The Southeast Texas Housing Finance Corporation offers a variety of programs to help first-time homebuyers purchase a home, including down payment assistance, mortgage credit certificates, and homebuyer education courses. This program is open to individuals and families with low to moderate incomes and can be used to purchase a single-family home, condominium, or townhome. To qualify, you must meet certain income requirements, be a Texas resident, and have a credit score of at least 640.

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6.  Conventional 1% Down Payment Assistance Program - The Conventional 1% program is exclusive to mortgage brokers and is available to home buyers at or below 50% Area Median income levels. The buyers must have credit scores above 680 but the actual eligibility is determined by Freddie Mac’s automated underwriting program.  The program provides a grant of 2% of the purchase price for up to $4000 maximum contributions.

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7.  FHA, USDA, and VA 100% Financing Down Payment Assistance Program - The program uses the FHA, USDA, and VA standard programs and combines it with a 3.5% 2nd mortgage that is forgivable in 5 years.  The DPA funds may be used to fund up to 100% of the cash requirement to close, including the down payment, closing costs, pre-paid items, and other related mortgage loan fees and expenses.

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