Buying a home can feel overwhelming, especially if it’s your first time. But if you’re looking to purchase a home in Texas, you’re in luck! The My First Texas Home Program is designed to help first-time buyers like you with down payment assistance and affordable mortgage options. Let’s break it down!

What is the My First Texas Home Program?

The My First Texas Home Program is a state-run initiative by the Texas Department of Housing and Community Affairs (TDHCA). It offers low-interest loans and down payment assistance to help Texans purchase their first home.

Eligibility Criteria

• First-Time Homebuyer Status: Must not have owned a home in the past three years (veterans are exempt from this rule).
• Credit Score Requirement: A minimum credit score of 620 is needed.
• Income Limits: Household income must fall within limits set by the program, which vary by county and household size.
• Property Requirements: The home must be located in Texas and meet purchase price limits. Eligible property types include single-family homes, condos, and duplexes (with specific conditions).

Benefits of the Program

• Down Payment & Closing Cost Assistance: Receive up to 5% of the loan amount to help cover these costs.
• Fixed-Rate Mortgage: Get a 30-year fixed-rate loan with predictable monthly payments.
• Additional Support: Choose between a 0% interest second lien or a three-year forgivable second lien.

Potential Drawbacks

• Repayment Conditions: Some assistance is structured as a second lien, which may need to be repaid if you sell or refinance before the forgiveness period ends.

How to Apply

To apply, follow these steps:

1. Check your eligibility using the TDHCA website.
2. Find a participating lender and get pre-approved for a mortgage.
3. Complete a homebuyer education course (if required).
4. Select a home that meets program requirements and complete the purchase process.

Final Thoughts

If you’re a first-time homebuyer in Texas, the My First Texas Home Program could be the financial boost you need to get into your dream home. With down payment assistance and affordable mortgage rates, it’s worth exploring!

For full details, visit the official program page.