Texas Home Buyer Programs for 2019: How to Get Help with a Down Payment, Closing Costs & Taxes

Texas Home Buyer Programs for 2019: How to Get Help with a Down Payment, Closing Costs & Taxes

 

Do you need help with a down payment or closing costs so you can buy a home in Texas? If so, you may want explore two budget-friendly options from the Texas Department of Housing and Community Affairs (DHCA).

 

DHCA Option 1: My First Texas Home (MFTH)

 

Available for first-time homebuyers, previous homeowners, and veterans, the MFTH provides help with down payments and closing costs, offering assistance at up to 5 percent of the loan. Previous homeowners who have not owned a home within the past three years can also qualify for the My First Texas Home program.

 

To qualify, homebuyers must meet certain income requirements, and they must:

 

·       Have a minimum credit score of 620

·       Choose a house with a qualifying purchase price.

 

Here’s where you can search for participating lenders across the state of Texas.

 

DHCA Option 2: My Choice Texas Home (MCTH)

 

As another option for getting assistance with down payments and closing costs, the MCTH program is available for all types of homebuyers, first-timers and previous homeowners alike. It offers the same type of financial assistance as the My First Texas Home program – up to 5 percent of the loan amount.

 

Also like MFTH, My Choice Texas Home program requires that buyers have a minimum credit score of 620 and that they meet certain income requirements. For this program, the loan must have a 30-year fixed interest rate.

 

These participating lenders across the state of Texas offer the My Choice Texas Home program.

 

The Texas Mortgage Credit Certificate (TMCC) Program

 

While first-time Texas homebuyers can get help with the costs of buying a home, they can also get some tax assistance through the Texas Mortgage Credit Certificate. Offered by the DHCA, the TMCC offers a dollar-for-dollar reduction on federal income taxes for the term of the mortgage, as long as the buyer is living in the first home. This reduction is available for up to $2,000 each year.

 

This program doesn’t require any minimum credit score. Here’s a list of participating lenders.

 

Want Half of the Buyer’s Commission at Closing? Work with New Home Gurus

 

In addition to the various options for getting help with a down payment, closing costs, and taxes when buying a home, first-time homebuyers can put cash back in their pockets at closing when they work with New Home Gurus.

 

That’s because, through a unique program that New Home Gurus offers to first-time homebuyers across Texas, they can get:

 

·       Essential support at every step of the home buying process (after they’ve found the home they want)

·       Expert guidance from the offer through closing

·       HALF of the buyer’s commission at closing.

 

This means an average of $4,500 to $12,000 can go back in homebuyers’ pockets at closing when they work with New Home Gurus.

 

Find Out How Much Cash Back You’ll Get at Closing
Call (281) 668-8124 or Email Us

 

Discover more about our commission-sharing program by contacting us! We are ready to answer your questions and help you get into your dream home!

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