Are you a first-time homebuyer in Texas? The My First Texas Home Loan Program is here to help you achieve your dream of homeownership.
With a competitive, fixed interest, 30-year home loan, you also get down payment and closing cost assistance of up to 5% of the mortgage loan.
Check Your Home Purchase EligibilityThe My First Texas Home Loan Program, offered by the Texas Department of Housing and Community Affairs, provides financial assistance to homebuyers.
Competitive, fixed interest, 30-year home loan.
Down payment and closing cost assistance up to 5% of the mortgage loan.
By combining TMP funds with the Mortgage Credit Certification Program, you can further increase your home’s affordability.
The program provides an annual tax credit of 40% of the annual interest paid on the mortgage loan, up to $2,000 per year.
Any unused MCC credits can be carried forward for up to three years.
To qualify for the My First Texas Home Loan Program, you must meet the following requirements.
Be a first-time homebuyer or have not owned a home as a primary residence within the past three years.
Your income must not exceed the program's income limit guidelines.
The property must not exceed the program’s purchase price limits.
Minimum credit score for FHA, VA, and USDA loans is 640 with debt-to-income maximums at 45%.
Minimum credit score for Fannie Mae HFA Preferred loans is 640 for loan-to-values of 95% or lower; 680 for loan-to-values between 95.01% and 97%. Debt-to-income maximums are at 45%.
Eligible properties for the My First Texas Home Loan Program include.
Single-family units and Duplexes (exceptions apply).
Single units in condominium developments and planned unit developments.
The program also has funds set aside for targeted areas, where 70% or more of families have incomes 80% or less of the statewide area median income (AMI), or areas of chronic economic distress.
Ready to start your journey to homeownership? Follow these simple steps to apply for the My First Texas Home Loan Program.
Contact MakeTexasYourHome to initiate your online application. Our team will guide you through the initial steps and answer any questions you may have.
Prepare necessary documentation, such as proof of employment, income statements, and other relevant paperwork to support your application.
Fill out and submit your completed application along with the required documents. Double-check all information for accuracy.
Work with our mortgage specialists to get pre-approved for your home loan. This step helps you understand how much you can afford and streamline the home buying process.
Upon closing, access up to 5% of your home's purchase price as a grant or a deferred forgivable second lien loan. For a $300,000 home, this means up to $15,000 in assistance.
Congratulations! You're now ready to move into your new home and enjoy the benefits of the My First Texas Home Loan Program.
The My First Texas Home Loan Program offers home loans and down payment assistance to first-time homebuyers in Texas.
The program is available to first-time homebuyers or those who haven't owned a home as a primary residence within the past three years.
Qualified applicants can receive up to 5% of the home's purchase price for their down payment and closing costs.
You can choose to receive the down payment assistance as a grant or as a deferred forgivable second lien loan.
Yes, first-time homebuyers can apply and may also be eligible for a Mortgage Credit Certificate (MCC), which provides a tax credit.
An MCC is a tax credit that reduces your federal income taxes, making homeownership more affordable.
Start your online application by contacting MakeTexasYourHome, where our team will guide you through the initial steps.
You will need proof of employment, income statements, and other relevant documents to support your application.
The timeline can vary, but our team will work with you to ensure a smooth and timely process from application to closing.
Yes, you can apply even if you have previously owned a home, as long as you meet the program's eligibility requirements.
