Down Payment Assistance Home Loans in Texas
Down Payment Assistance Home Loan Programs In Texas
The US Department of Housing and Urban Development (HUD) offers several regional and statewide mortgage programs for first time home buyers in Texas which includes:
Texas Affiliates of Habitat for Humanity – provides families in need with homes that are built or rehabilitated by a volunteer labor force
Texas Department of Housing and Community Affairs (TDHCA) – in addition to homebuyer programs, closing cost and down payment assistance is available
Texas State Affordable Housing Association.
Texas Veterans Land Board – provides assistance to Texas veterans that qualify for the program
US Department of Agriculture Rural Housing – homebuyer programs available to individuals who live in rural communities
Thanks to a new mortgage-backed securities initiative, $600 million in homebuyer assistance funds was released by the TDHCA in October of 2012. This initiative offers the first-time homebuyer a number of advantages that previous programs do not.
Texas down payment assistance programs are available to individuals who need down payment assistance in Austin as well as FHA house buying in Houston and first time home buyer programs in Dallas. The TDHCA offers down payment assistance in Texas through the My First Texas Home's "Taxable Mortgage Program" which is referred to as TMP-79. The program provides qualified individuals with closing cost and down payment assistance.
Due to its more competitive annual percentage and fixed interest rates, TMP-79 has become a popular program for those individuals who normally could not afford to purchase a home. TMP funds in the amount of 5% of the mortgage are provided for closing cost and down payment assistance for first-time homebuyers and can be used in conjunction with the Mortgage Credit Certificate Program (another TDHCA program). This further increases the person's ability to afford a home. Eligibility guidelines apply.
There are two other down payment assistance programs worth note – the Home Sweet Texas Home and the Homes for Texas Heroes loan programs. These 30-year fixed rate home loans are available to qualifying low and moderate income as well as fire fighters, law enforcement personnel, and veterans who want to purchase a home or refinance their current residence. In addition to closing cost and down payment assistance, these programs offer low interest rates.