Hey there! Navigating the world of homeownership can feel a bit overwhelming, but don’t worry—I’m here to help you explore some fantastic programs that can make the journey smoother. Let’s dive into the Texas State Affordable Housing Corporation (TSAHC) Home Buying Assistance Programs, which are designed to assist first-time homebuyers in Amarillo and throughout Texas.

Program Name

Texas State Affordable Housing Corporation (TSAHC) Home Buying Assistance Programs

Source of Funding

TSAHC is a nonprofit organization created by the Texas Legislature, and it administers programs funded through various sources, including federal grants and private investments. Learn more here.

Eligibility Criteria

• Credit Score: A minimum credit score of 620 is required.
• Income Limits: Applicants must meet specific income requirements, which vary based on the program and household size. See details.
• First-Time Homebuyer Status: While some programs are tailored for first-time buyers, others are available to repeat buyers as well.
• Profession-Based Programs: Certain programs are designed for specific professions, such as educators, police officers, firefighters, EMS personnel, veterans, and active military members.

Benefits

• Down Payment Assistance: TSAHC offers down payment assistance in the form of grants or deferred forgivable second lien loans, which can significantly reduce the upfront costs of purchasing a home.
• Fixed-Rate Mortgage Loans: Eligible participants can access 30-year fixed-rate mortgage loans, providing stability and predictability in monthly payments.
• Mortgage Credit Certificate (MCC): First-time homebuyers may qualify for an MCC, allowing them to save up to $2,000 annually on their federal income taxes.

Potential Drawbacks

• Income and Purchase Price Limits: There are caps on income and home purchase prices, which may limit options for some buyers.
• Homebuyer Education Requirement: Participants are required to complete a homebuyer education course, which, while beneficial, does require a time commitment.

Application Process

1. Eligibility Quiz: Start by taking TSAHC’s online Eligibility Quiz to determine if you meet the program requirements.
2. Contact a Participating Lender: If eligible, reach out to a participating lender in your area who will guide you through the application process.
3. Complete Homebuyer Education: Enroll in and complete an approved homebuyer education course.
4. Loan Application: Work with your lender to complete the mortgage loan application and secure the down payment assistance.

Availability

These programs are available to eligible homebuyers across the entire state of Texas, including Amarillo. Check availability here.

Embarking on the path to homeownership is a significant step, but with resources like TSAHC’s Home Buying Assistance Programs, you’re not alone. Take advantage of these opportunities to make your dream of owning a home in Amarillo a reality!

Note: The City of Amarillo’s Community Development Department does not currently offer a specific Homebuyer Assistance Program. However, they provide various services, including rental assistance and homeowner repair programs, which you can explore for additional support. Learn more here.

Pros and Cons

Pros

• Financial Assistance: Significantly reduces the burden of down payment and closing costs.
• Tax Savings: The MCC offers substantial annual tax savings for first-time buyers.
• Profession-Specific Programs: Tailored assistance for certain professions, acknowledging their community contributions.

Cons

• Restrictions: Income and purchase price limits may exclude some potential buyers.
• Education Requirement: Mandatory homebuyer education adds an extra step to the process.

Program Details

• Program Type: Offers both grants and down payment assistance.
• Program Availability: Ongoing; no specific start or end dates.

Category and Subcategory

• Category: Texas First Time Homebuyer Program
• Subcategory: Potter County