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
