2 Texas Down Payment Programs
Do you want to buy a home in Texas, but not sure how much home you can afford? You are in luck, the Texas State Affordable Housing Corporation is offering two cool options for down payment programs.
Homes for Texas Heroes Home Loan Program
The first down payment program offered by TSAHC is the Homes for Texas Heroes Home Loan Program. It is offered to teachers, firefighters, EMS workers, police, correctional officers, and veterans. If you or someone in your household falls into any of these categories, you're probably eligible!
Home Sweet Texas Home Loan Program
Alternatively, the TSAHC has another option, the Home Sweet Texas Home Loan Program, which is open to any Texas homebuyer with low to moderate incomes. It might be a great option if your barrier to homeownership is your income. The income limit varies based on where you live. Expanded income and purchase price limits are available in certain areas with economic distress.
Benefits of these programs
Both of these programs include a 30-year fixed interest rate mortgage loan with several rates and loan options available. If eligible for either program, you will receive down payment assistance in the form of a grant (which means it does not need to be repaid) or a forgivable second lien loan. This down payment assistance is available for up to 5% of your loan amount! One of cool things about this program is that this doesn't have to be your first time buying a home to qualify! However, if you are a first-time homebuyer, you can apply for a mortgage credit certificate. If you fall into the 'Texas Hero' category and use the down payment assistance along with MCC assistance, the MCC will be free.
These programs are available all across the state through participating lenders. You will not be required to use an approved realtor, but TSAHC can help you find one that knows a lot about these particular programs, if you would like. So if you're a Texas resident and you're looking to buy a house, these TSAHC down payment assistance programs could be great options for you! These are programs you should definitely consider if you're a 'Texas Hero' or have a lower income. Don'tforgettosearchour site fordownpaymentassistance,andotherincentives.