Texas first-time home buyer loan and grant programs 2019: Eligibility

Buying a house is a huge financial decision. If you’ve never done it before, it’s easy to feel like you’re in over your head. Loan programs for a first-time home buyer can make the process easier, especially if you’ve had credit issues or found it hard to save up a big down payment.

The Texas Department of Housing and Community Affairs, or TDCHA, offers first-time homebuyerhttps://www.nerdwallet.com/blog/mortgages/texas-first-time-home-buyer-grants/ programs to assist qualified borrowers in the Lone Star state. Some national loan programs also have features that can benefit first-time home buyers. Browse the options below to find the right mortgage for your needs.

If you haven’t owned a home as your primary residence within the past three years, you’re considered a first-time home buyer by the TDHCA. This requirement is waived if you’re an honorably discharged veteran.

TDHCA highlights and eligibility requirements

Competitive interest rates.
Down payment and closing cost assistance.
Tax credit possible for annual interest paid on a mortgage loan.
Programs can be combined for maximum benefit.
Homes in “targeted areas” enjoy a higher income and purchase price limits and no first-time homebuyer requirement.

Borrowers must have a minimum credit score of 620.
Borrowers must meet income and loan requirements.
The property must be located in Texas and not exceed purchase price limits.
The property must be a single-family home or a single-unit condominium.
Some manufactured housing and duplexes allowed.

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