First Time Home Buyers Texas

First Time Home Buyers Texas

First Time Home Buyers Qualifications in Texas

A first-time home buyer in Texas is someone who has not bought a house in the last three (3) years. If you previously bought and owned a house but haven’t done so in the last 3 years, you’re considered a first time home buyer; even though you are not a first time home owner.

Here’s a list of qualifications for first time home buyers in Texas:

  • A minimum credit score of 620
  • You must meet TDHCA’s income and loan requirements
  • Property being purchased must be located in Texas and meet purchase price restrictions
  • Property must also be a single-family home or single-unit condominium
  • Some multi-plexes and manufactured housing is allowed


Texas First Time Home Buyer Mortgage

Why should I buy, instead of rent?

Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are.

How to do First Time Buyers get a house in Texas

This program offers a 30 year, low, fixed rate interest mortgage for first time homebuyers through a network of participating lenders. Through this program, you can get down payment assistance and closing cost assistance of up to 5% o the mortgage value as a no interest, no monthly payment second lien.

The My First Texas Home loan program is available throughout Texas, although purchase price and income limits are higher for properties located in areas where most families earn less than 80% of the state’s median income, aka “targeted areas.” Learn how to determine if a property is within a targeted area on the TDHCA website.

Texas Mortgage Credit Certificate for First Time Buyers

A Texas MCC loan makes it so first time home buyers in Texas get a chance to recuperate a portion of the interest they pay lenders throughout the year, since what they pay towards interest doesn’t actually pay own your loan balance. This tax credit usually includes 40% of your annual mortgage interest, up to $2,000/year, and the credit is valid for the lifetime of your loan so long as your home remains your primary residence.

Texas First Time Home Buyer Loan Programs

Houston’s Housing and Community Development Department (HCDD) offers and services Houston’s Homebuyer Assistance Program (HAP) for eligible low to moderate income families. These funds may be used to assist an approved applicant in paying their down payment, closing costs, and principal buydown.

What programs are available for first time home buyers in Texas?

No matter where you live, these loan programs have benefits that may help you buy your first home, like low down payment and credit score requirements.

Here is a list of first time home buyers programs in Texas:

  • Conventional mortgage. National program. …
  • FHA loans. National program. …
  • VA loans. National program. …
  • USDA loans. …
  • My First Texas Home loan. …
  • Texas mortgage credit certificate.

Down payment requirements for a first-time home buyer loan in Texas?

  1. Conventional loans: For a 3% down payment, you’ll need at least a 620 FICO and a debt-to-income ratio below 50%. …
  2. FHA loans: If you want a down payment as low as 3.5%, you’ll need a FICO score of 580 or higher.


What is the First Time Home Buyer tax credit in Texas?

The First-Time Home Buyer Tax Credit is the federal first-time home buyer tax credit is no longer available, but many states offer tax credits you can use on your federal tax return.


Texas first home buyers grant

If you have a minimum 580 credit score you can qualify for an FHA loan with just 3.5% down. For a $200,000 house that means you will just need $7,000 for your down payment. The best thing for first-time home buyers is that your down payment for an FHA loan can be a gift from a family member or friend.


Contact the Texas Mortgage Pros today to get started on your First Time Home Buyers loan in Texas.


First time home buyer near Texas