First-Time Homebuyer Programs

 

Downpayment & First-Time Homebuyer Assistance Programs

 

Harris County Down Payment Assistance Program

$14,200 first time home buyer grant for home buyers purchasing a home in Harris County outside of the city limits.


  • $9,500 down payment assistance for resale properties
  • $14,200 down payment assistance for new construction
  • $120,000 maximum sales price of home
  • Must be a first time homebuyer
  • Must have one credit score of 620
  • Debt to income bottom ratio cannot exceed 42%
  • Must invest at least $350 toward the purchase of the home
  • Buyer cannot have more than $10,000 in liquid assets
  • Family size income limits:  1 / $35,750; 2 / $40,850; 3 / $45,850; 4 / $51,050; 5 / $55,150; 6 / $59,200; 7 / $$63,300; 8 / $67,400

 

City of Houston Down Payment Assistance Program

$19,500 first time home buyer grant for home buyers purchasing a home in the City of Houston whose income is at or below 80% area median income.


  • $19,500 down payment assistance
  • $200,160 maximum property sales price
  • Do not have to be a first time buyer ( but cannot currently own a home )
  • No asset limit
  • Must invest $500 into the home buying transaction
  • The applicant must have $1,000 in liquid assets.
  • Must complete an 8 hour homebuyer education course.
  • Must live in the home for at least 10 years for assistance to be forgiven.
  • Family size income limits: 1 / $35,750; 2 / $40,850; 3 / $45,950; 4 / $51,050; 5 / $55,150; 6 / $59,200; 7 / $63,300; 8 / $67,400

 

Houston HOPE Program.

First time home buyer grant for home buyers purchasing a home in one of many Houston Historic communities.

 

  • Must purchase a home in one of the Houston Hope Neighborhoods ( see map at www.houstontx.gov/lara )
  • $37,500 down payment assistance
  • $39,900 down payment assistance for teachers, police officers, fireman and EMS personal.
  • $200,160 maximum property sales price
  • Must invest at least $500 into the home buying transaction
  • Applicant must have $1,000 but not nore than $35,000 in liquid assets
  • Must live in the home for at least 10 years for assistance to be forgiven.
  • Family size income limits:  1 / $35,750; 2 / $40,850; 3 / $45,950; 4 / $51,050; 5 / $55,150; 6 / $59,200; 7 / $63,300; 8 / $67,400

 

Workforce Housing Program. $30,000 first time home buyer grant for home buyers purchasing a home in the City of Houston whose income is at 80% – 110% of area median income.

 

Montgomery County. $14,500 first time home buyer grant for home buyers purchasing a new home in Montgomery County outside the city limits of Conroe.

 

City of Pasadena “SETH”.

$5,000 first time home buyer grant for home buyers purchasing a home in the City of Pasadena.

SETH DPA Program
  • Ft. Bend County
  • $200,160 maximum property sales price
  • $10,000 down payment assistance
  • Must be first time homebuyer
  • Must complete homebuyer education class
  • 33% maximum top debt ratio based on SETH’s income calculation
  • Buyer must contribute $500 of their own funds.
  • Family size income limits:
  • 1 / $35,750; 2 / $40,850; 3 / $45,950; 4 / $51,050; 5 / $55,150
  • Montgomery County ( out of funds as of 17 September 2009 ) anticipate 3 months till re funded.
  • Pasadena ( out of funds as of 17 September 2009 ) anticipate 3 months till re funded.

 

SETH Single Family Bond. Southeast Texas first time home buyers can qualify for 3% down payment assistance with a fixed 5.25% mortgage rate towards the purchase of their first home. Areas include: Austin, Brazoria, Chambers, Liberty, Matagorda, Waller, Walker & Wharton and the cities of: Baytown, Deer Park, Dickinson, La Marque, La Porte, League City, Pasadena, Santa Fe, Shoreacres, Texas City and Tomball.

 

Texas Veteran’s Mortgage Credit Program. Military Veterans with an Honorable Discharge can now qualify up to $2,000 IRS Tax Credit every year for the life of their home mortgage. NO first time home buyer requirement!

 

Texas First Time Homebuyer Program Structure – State Bond 77.

Texas first time home buyers are now receiving 4% Down payment Assistance with a fixed 5.10% mortgage rate towards the purchase of their first home.

 

USDA Single Family Housing Guaranteed Loan Program. No Money down home loan for first time home buyers purchasing a home in a Rural Area. Rural areas are normally considers small towns and cities with a population less than 250,000 residents, ie.. Crosby, El Campo, Fresno, Fulshear, Kendleton, Needville, Wharton, Waller, Wallis… Please contact me and I will let you know if your area qualifies.

  • No maximum purchase price
  • No downpayment required
  • 100% financing with a 30 year fixed rate
  • No PMI
  • Available assets don’t have to be used

 

Texas Veterans Land Board. Texas Veterans can qualify for up to 1% reduction in mortgage interest rate through the Texas Veteran’s Land Board. Reduced rate for service members with 30% or greater compensation service connected disability.

 

Texas Mortgage Credit certificate (MCC) Program. A MCC is a federal income tax credit.  It is based on the mortgage interest paid each year.  The amount of tax credit is calculated at 30% of the annual mortgage interest paid – not to exc eed $2,000 per year.  This credit reduces the federal income taxes of the buyer and has the potential of saving the MCC holder thousands of dollars over the life of the loan.  Mortgage interest credit (MCC)  is a non-refundable tax credit, therefore, the homebuyer must have tax liability in order to take advantage of the tax credit.

 

Texas State Affordable Housing – The Texas State Affordable Housing Corporation serves the housing needs of low, very low and extremely low-income Texans and other underserved populations who do not have comparable housing options through conventional financial channels.