Are you a first-time homebuyer in Tarrant County, Texas? If so, you may be eligible for special programs that can help you purchase your first home. The Texas Department of Housing and Community Affairs (TDHCA) offers the My First Texas Home program, a 30-year mortgage with a low interest rate and up to 5 percent interest free down payment assistance. You can get a loan from the FHA, VA, or USDA through this program. The Home Sweet Texas Mortgage Loan Program, through the Texas State Affordable Housing Corporation (TSAHC), also offers a 30-year fixed-rate mortgage and down payment assistance of up to 5 percent.
If you're buying for the first time in Texas with a 20% down payment, you can get a conventional loan with a competitive interest rate and without private mortgage insurance (PMI). If you work in a public service profession, such as a teacher, police officer or firefighter, or are a qualifying veteran, you may be eligible to participate in the TSAHC's Homes for Texas Heroes program. Additionally, some cities in Texas may also have their own assistance programs. Are you looking to purchase your first home in Tarrant County, Texas? If so, you may be eligible for special programs that can help make it easier to buy your first home. The Texas Department of Housing and Community Affairs (TDHCA) offers the My First Texas Home program, which provides a 30-year mortgage with a low interest rate and up to 5 percent interest free down payment assistance.
You can get loans from the FHA, VA, or USDA through this program. If you work in a public service profession such as teaching, law enforcement or firefighting, or are a qualifying veteran, you may be eligible to participate in the TSAHC's Homes for Texas Heroes program. Additionally, some cities in Texas may have their own assistance programs. In order to take advantage of one of these programs, it's important to understand the eligibility requirements and how to apply. To qualify for TDHCA's My First Texas Home program, you must be a first-time homebuyer who has not owned real estate in the past three years or who is replacing a home damaged by Hurricane Harvey.
You must also meet certain income requirements and be able to obtain an approved mortgage loan. The Home Sweet Texas Mortgage Loan Program has similar eligibility requirements but is open to all Texans who meet certain income requirements. Once you've determined that you meet the eligibility requirements for one of these programs, it's time to start the application process. You'll need to find an approved mortgage lender who can help you apply for the loan and provide guidance throughout the process. Your lender will help you determine which program is best for your financial and homebuying goals.
They will also help you understand the terms of the loan and any other requirements that must be met before closing on your new home. If you're looking for additional assistance with down payment and closing costs, TDHCA offers an interest-free deferred loan of up to 5% of the loan amount. This loan must be paid in full when the homeowner refinances, sells, or cancels the mortgage. Additionally, some cities in Texas may have their own assistance programs that can help with down payment and closing costs. Buying your first home can be an exciting but daunting experience. Fortunately, there are several programs available to first-time homebuyers in Tarrant County, Texas that can make it easier to purchase your first home.
All of these organizations should provide free advice to any first-time homebuyer in Texas. If you're interested in taking advantage of one of these programs, contact an approved mortgage lender today to get started.
