Unless you just avoid the news altogether, most of you have heard about the homebuyer tax credits available from the federal government. In addition to the tax credit which you would get when filing your return, there are programs at the state and local levels that you may/may not be aware of that can help with the down payment, closing costs, or other costs associated with a mortgage. Below is more info on such programs available in Texas designed to make owning a home more affordable.
Please note that all of these programs have income and other limitations which may exclude you from qualifying.
State Programs
Texas Department of Housing and Community Affairs
- Texas Mortgage Credit Program – allows the homebuyer to claim a tax credit for some portion of mortgage interest paid per year
- Texas First Time Homebuyer Program – provides down payment & closing cost assistance by way of a 10 year deferred mortgage that’s “forgivable”
- Click here for more info on these TDHCA programs
Texas State Affordable Housing Corporation Programs
- Professional Educators
- Homes for Texas Heroes
- Homes for Sweet Texas Loan
- Possible benefits include 30-year fixed rate mortgage, down payment & closing cost assistance, and mortgage credit certificate
- Click here for more info on these TSAHC programs
Texas Veterans Land Board
- For Texas veterans and unmarried, surviving spouses of Texas veterans
- Not the same as VA benefits
- Provides loans for homes, land, and home improvements
- Click here for more info on the TVLB program
City Programs
These are examples from just two North Texas cities. Be sure to check with your local city to see if they offer similar programs.
- Frisco Down Payment Assistance Program – for families with at least one working full-time adult in Frisco for at least 6 months
- Frisco Targeted Down Payment Assistance Program – for families with at least one adult working full-time for the City of Frisco or Frisco ISD for at least 6 months
- Down payment assistance program – provides down payment and closing cost assistance for low-to-moderate income first-time homebuyers within the City of McKinney
Click here for more info on the assistance programs in Frisco and McKinney.
If you have any questions or would like more info on these programs, please contact us.
This post is to make you aware of programs that may be available to you if you need/want to purchase a home at this time. The availability of such programs should not be your sole reason for purchasing a house. This is just an example of some programs available and should not be construed as a complete list. If you are not in Texas or are in a different city than those listed above, be sure to check with your state and/or local government for similar programs. You can usually find the info on their web site or by calling them.