Thursday, September 1, 2011

First Time Homebuyer Assistance Program


Down Payment and Closing Cost Assistance Program for First Time Homebuyers

Begin a lifetime of homeownership through the Texas First Time Homebuyer Program (FTHB). This program allows qualified Texans access to down payment and closing cost assistance. Homebuyers who have not owned a home within the past three years, who meet program income guidelines and who do not exceed the program's purchase price limits are eligible to apply for a loan under the program. 

Program Highlights:
  • $10,000 for down payment and/or closing cost assistance
  • 0% interest loan
  • 5 or 10 year loan term
  • First payment will be deferred for 5 years from closing date
  • Payment amount $83.33 OR $166.67 monthly, depending on term
  • Borrower must be a First Time Homebuyer (excludes qualified Veterans)
  • First Time Homebuyer counseling required
  • Minimum credit score 640
Borrower Requirements:
  • Income: May not exceed 80% area median family income regardless of family size
  • Liquid Assets: May not exceed $15,000 (excluding retirement and/or 401K accounts)
  • Home Value Limits: Total contracted purchase price of the single family mortgage limits under Section 203(b) of the National Housing Act
  • Combined Loan-to-Value: Must not exceed 105%
Eligible Properties:
  • New and existing single family homes, townhomes, and condominiums