Introduction

Buying your first home can feel overwhelming, especially when you’re trying to come up with a down payment and closing costs. If you’re in Amarillo, Texas, you might be wondering what help is available to make homeownership more affordable. While Amarillo itself doesn’t currently have a dedicated first-time homebuyer assistance program, there are still great statewide programs that can help!

The Texas State Affordable Housing Corporation (TSAHC) and other statewide initiatives offer down payment assistance, affordable mortgage options, and even tax savings to help first-time homebuyers in Amarillo get into their dream homes. Let’s dive into the details!

Program Name:

Texas State Affordable Housing Corporation (TSAHC) – Available in Amarillo

Source of Funding:

TSAHC is a nonprofit organization that supports Texas homebuyers through state and federal funding sources, including mortgage revenue bonds.

Eligibility Criteria:

• Credit Score: Minimum 620
• Income Limit: Varies by county and household size
• First-Time Buyer Status: Not required (repeat buyers can qualify)
• Occupation-Specific Programs: Special benefits for teachers, police officers, firefighters, veterans, and EMS personnel

Benefits of TSAHC Programs:

• ✅ Down Payment Assistance: Receive grants or forgivable second-lien loans
• ✅ Affordable Mortgage Options: Fixed-rate loans with competitive interest rates
• ✅ Mortgage Credit Certificates (MCCs): Save up to $2,000 per year in federal taxes
• ✅ No Requirement to Stay in Home for Certain Grants

Potential Drawbacks:

• ❌ Income Limits Apply: Some homebuyers may exceed the program’s income limits
• ❌ Credit Score Requirement: Minimum 620 score required
• ❌ Loan Limits: Property price caps may limit options in high-cost areas

How to Apply:

1. Check Your Eligibility: Complete TSAHC’s online eligibility quiz
2. Find a Participating Lender: Work with a TSAHC-approved mortgage lender
3. Complete Homebuyer Education: Required before closing on your home
4. Secure Your Loan and Assistance: Get approved and finalize your home purchase

Where is the Program Available?

✅ Statewide in Texas, including Amarillo

Sources & Links:

• TSAHC Homebuyer Programs
• City of Amarillo Housing Resources

Category:

📌 Texas First Time Homebuyer Program