Hey there! Navigating the home-buying process can feel overwhelming, but I’m here to help simplify things for you. Let’s chat about the My Choice Texas Home program—it’s a fantastic option that might make your journey to homeownership in Texas a bit smoother.

Program Overview

• Program Name: My Choice Texas Home
• Source of Funding: Texas Department of Housing and Community Affairs (TDHCA)

Eligibility Criteria

• Residency: You must plan to use the purchased property as your primary residence and occupy it within 60 days of closing.
• Credit Score: A minimum credit score of 620 is required.
• Income Limits: Applicants must meet specific income limits, which vary based on the county and household size.
• Property Requirements: The property must be located within Texas and meet certain value limits. Eligible property types include:
  • Single-family homes
  • Condominiums
  • Planned Unit Developments (PUDs)
  • Manufactured homes (must be real property by loan purchase time)
  • Duplexes (one unit must be owner-occupied, and the property must have been first occupied as a residence at least five years prior to closing)
• Homebuyer Education: Completion of a homebuyer education course is mandatory for all borrowers, including any non-purchasing spouse.

Benefits

• Down Payment and Closing Cost Assistance: Offers flexible assistance options of 2%, 3%, 4%, or 5% of the loan amount.
• Loan Terms: Provides a 30-year fixed-rate mortgage with low-interest rates.
• No First-Time Buyer Requirement: Available to both first-time and repeat homebuyers, including veterans.
• Forgivable Second Lien Option: Option for a 3-year forgivable second lien, reducing financial burden.

Potential Drawbacks

• Income and Property Value Limits: Eligibility is restricted by specific income and property value limits.
• Credit Score Requirement: A minimum 620 credit score might be a barrier for some applicants.
• Homebuyer Education: A mandatory education course adds an extra step to the process.

Application Process

1. Check Eligibility: Review the income and property value limits to ensure you qualify.
2. Homebuyer Education: Complete the required homebuyer education course.
3. Find a Lender: Work with one of the Texas Homebuyer Program’s approved lenders to get pre-approved for a mortgage.
4. Choose Assistance Level: Decide on the percentage of assistance (2%, 3%, 4%, or 5%) that best fits your needs.
5. Loan Application: Proceed with the mortgage application through your chosen lender.
6. Close on Your Home: Finalize the purchase and move into your new home!

Program Type

This program provides down payment assistance and a fixed-rate mortgage option.

Availability

The My Choice Texas Home program is available statewide in Texas.

Sources & More Information

For more details and the latest updates, visit:

• Texas Department of Housing and Community Affairs (TDHCA) – My Choice Texas Home