Everythings bigger in Texas and that includes homebuyer assistance for the down payment and closing costs.
On this page, you can find all the programs and grants available for first-time homebuyers in Texas.
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First-Time Homebuyer Programs in Texas
TDHCA considers anyone who hasn’t owned a home in the last three years a first-time homebuyer.
- Closing cost and down payment assistance
- Tax credit for interest paid on a mortgage
- Income limit of 80% of area median income
- Minimum 620 credit score
- Meet income requirements
- Must be located in Texas and not exceed the purchase price limits
- For primary residences only
- Single-family home and condominiums
- Some manufactured homes eligible
National First-Time Homebuyer Loans
- FHA Loans – FHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
- Conventional Loans – Conventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down mortgage insurance will not be required.
- USDA Loans – USDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
- VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
- HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.
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First-Time Homebuyer Grants and Programs by City
First-Time Homebuyer Grants and Programs by County