Hey there! Navigating the journey to homeownership can feel overwhelming, but knowing about the right programs can make all the difference. Let’s explore some options available to first-time homebuyers in Amarillo, Texas.

Texas State Affordable Housing Corporation (TSAHC) Programs

The TSAHC offers valuable assistance to first-time and repeat homebuyers across Texas, including Amarillo. Their programs provide fixed-rate mortgage loans and down payment assistance, which can be received as a grant or a deferred forgivable second lien loan. Additionally, first-time buyers may qualify for a Mortgage Credit Certificate, potentially saving up to $2,000 annually on income taxes.

Learn more about TSAHC Programs

Eligibility Criteria:

• Credit score of at least 620.
• Meet certain income and purchase price limits specific to the area.
• Completion of an approved homebuyer education course.

Benefits:

• Down payment assistance up to 5% of the loan amount.
• Mortgage Credit Certificate for tax savings.
• Access to fixed-rate mortgage financing.

Potential Drawbacks:

• Income and purchase price limits may exclude some buyers.
• The deferred forgivable loan requires repayment if the home is sold or refinanced within three years.

Application Process:

1. Take the TSAHC’s online Eligibility Quiz to determine qualification.
2. Contact a participating lender in the area to begin the application.
3. Complete a homebuyer education course before closing on the home.

Availability:

These programs are available throughout Texas, including Amarillo.

Check your eligibility

City of Amarillo Community Development Department

While the City of Amarillo’s Community Development Department primarily focuses on rental assistance and homeowner repair programs, they can provide guidance and support for individuals and families in need, including resources related to housing.

Visit the Community Development Department

Additional Resources:

• Housing Choice Voucher Program: Assists very low-income families, the elderly, and the disabled in affording decent, safe, and sanitary housing in the private market.
  Learn more
• I Need Help: Offers guidance and support for individuals and families in need, including resources for homelessness and rental assistance.
  Get assistance

Embarking on the path to homeownership is a significant step, but with the right resources and support, it’s entirely achievable. Don’t hesitate to reach out to these organizations to explore your options and find the assistance that best fits your needs. Happy house hunting!