Let Us Help Make Home Buying a Little Easier
A little help never hurts!
Our Most Popular Down Payment Assistant Options
Each down payment assistance option comes with different criteria that borrowers must meet. We invite you to learn more about each program by visiting their website or contacting a member of our team to learn more.
TSAHC
The Texas State Affordable Housing Corporation (TSAHC) offers loan programs designed to help low- to moderate-income Texans achieve homeownership. TSAHC loans provide affordable mortgage options, down payment assistance, and other benefits to make purchasing a home more accessible. These programs are particularly beneficial for first-time homebuyers, veterans, and public service professionals such as teachers, police officers, and firefighters.
TDHCA
The Texas Department of Housing and Community Affairs (TDHCA) offers a variety of loan programs designed to assist low- and moderate-income Texans in achieving homeownership. These programs provide affordable mortgage options, down payment assistance, and other benefits to help make buying a home more accessible. TDHCA loans are available to first-time homebuyers, veterans, and other eligible individuals and families.
Homes For Texas Heroes
Home Sweet Texas
This program has been carefully crafted to assist low and moderate-income Texans in fulfilling their dream of becoming homeowners. There are two ways this program works – first, it offers down payment assistance as a grant (which does not have to be repaid), second, it offers a deferred forgivable second lien loan (which only has to be repaid if they sell or refinance within three years).
My First Texas Home
This is available to veterans and first time homebuyers. We offer a 30-year, low-interest rate mortgage with up to 5% of the 1st Lien Mortgage amount, that can be used for down payment and closing cost assistance.
My CHOICE Texas Home
This program doesn’t come with the limitation of being a first time homebuyer! This program is a great option for veterans or second-time homebuyers and offers a 30-year, low-interest rate mortgage with up to 5% of down payment and closing cost assistance.
*These programs offer down payment and closing cost assistance which ranges from 0% to 5% assistance
Why Are There So Many Different Mortgage Options?
…and how do I know which one is right for me?
Our team of mortgage professionals will help you find the perfect match when it comes to your future home’s mortgage. A number of different criteria are considered when deciding on a mortgage, including:
- Credit score
- Loan amount
- Down payment
- Property type
- Occupation
- Loan terms
- Property Location
- Financial Goals
Frequently Asked Questions About Buying a Home
What are bond products, and how do they relate to purchasing a home in Texas?
Bond products in the context of home buying are financial assistance programs offered by the state or local governments to help homebuyers, particularly first-time buyers, with down payment assistance, closing costs, or below-market interest rates. In Texas, these programs are often administered by the Texas State Affordable Housing Corporation (TSAHC) and the Texas Department of Housing and Community Affairs (TDHCA).
Who is eligible for bond programs in Texas?
Eligibility for bond programs typically depends on your income, the size of your household, and whether you’re a first-time homebuyer. Some programs are targeted toward specific groups, such as veterans, educators, or first responders. Always check the specific program requirements for detailed eligibility criteria.
What is the difference between TSAHC’s Home Sweet Texas and Homes for Texas Heroes programs?
The Home Sweet Texas program provides down payment assistance and competitive interest rates for low and moderate-income homebuyers. The Homes for Texas Heroes program offers similar benefits but is specifically designed for teachers, police officers, firefighters, EMS personnel, corrections officers, and veterans.
How much assistance can I get through Texas bond programs?
The amount of assistance varies by program but typically ranges from 3% to 5% of the loan amount. This assistance can be used toward your down payment and closing costs.
Do I have to repay the assistance I receive through a bond program?
Some programs offer forgivable loans, meaning you don’t have to repay the assistance if you stay in your home for a certain period, usually 3 to 5 years. Other programs may provide the assistance as a second mortgage that must be repaid when you sell the home or refinance.
What types of loans can be used with bond products in Texas?
Bond programs in Texas can typically be paired with FHA, VA, USDA, and conventional loans. Your choice of loan will depend on your financial situation and eligibility for each type.
How do I apply for a bond program when purchasing a home in Texas?
To apply for a bond program, you need to work with a participating lender approved by the administering agency (like TSAHC or TDHCA). The lender will help you determine your eligibility and guide you through the application process.
Are there any location restrictions for using bond products in Texas?
Some bond programs may have location restrictions, focusing on specific areas of Texas, such as rural regions or certain urban areas. However, many programs are available statewide. Check with your lender or the program’s administrator for specific details.
How do bond programs affect my interest rate?
Bond programs often offer below-market interest rates, which can make your monthly mortgage payments more affordable. However, the exact rate you’ll receive depends on the program and current market conditions.
Can I combine bond programs with other types of homebuyer assistance?
Yes, in many cases, you can combine bond programs with other forms of homebuyer assistance, such as grants, additional down payment assistance programs, or federal tax credits. However, it’s important to verify with your lender or program administrator to ensure compatibility.
