First Time Home Buyers Grants in Texas
Home Buyer Grants for Houston, Dallas, Austin, San Antonio
It is fun to think about buying the first home, but in reality you may have to face a lot of challenges as a first time home buyer. Oftentimes, it becomes even tougher for the first time home buyers to shoulder the burden of buying a new house due to shortage of funds and ineligibility to qualify for traditional home loan programs.
However, the Texas state affordable housing corporation (TSAHC) has introduced first time home buyer grants that allows first time home buyers to do not have access to conventional financial programs due to financial constraints.
First Time Home Buyers Grants in Texas
Every Texan deserves to stay in a safe and decent household. With help of the first time home buyer grants from TSAHC (http://www.tsahc.org/) not only can the first time home buyers improve their quality of living but can also build considerable wealth for the future. Remember, a first time home buyer is defined as a family or individual who has never owned or had ownership intent of a home within the past three years. If you qualify to this, then you can go ahead and take advantage of the first time home buyer grants in Texas.
Even though down payment assistance programs from TSAHC are available for both first time and repeat buyers, only first time homebuyers have access to the Mortgage Credit Certificate (MCC) Program. This program makes home buying much more affordable for the first time home buyers.
Mortgage Credit Certificate (MCC) Program Information
The Mortgage Credit Certificate Program is available for teachers, fire fighters, veterans, peace officers and people belonging to the low and moderate-income group. The MCC program is available for the first time home buyers in Texas through a network of lenders across the state. The benefits offered by the MCC program are:
- Savings of thousands of dollars over the life of the loan
- Dollar for dollar savings of up to $2,000 per year as a special tax credit
- Exclusively offered for first time home buyers in Texas
- Can be used in association with TSAHC’s Down Payment Assistance for more savings
The interest paid by the first time home buyers is tax deductible. The Texas Mortgage Credit Certificate allows home buyers to claim a tax credit against their federal income tax liability for as long as they stay in that property and pay the interest.
MCC Qualification Eligibility
If you are willing to buy your first home in Texas and take advantage of the MCC program, you must qualify to the income and home purchase limits as stated by TSAHC. The eligibility criteria are as follows:
- Available for first time home buyers only, who have not owned a home in the last three years
- Home buyers must use the property as their primary residence
- Home buyers education is required to qualify this program – the home buyer must complete a home buyer education course prior to the loan closing. You must provide a certificate showing the completion of an approved homebuyer education course for qualifying.
To get further details about the MCC program, you must contact an approved lender. There are some costs associated with the MCC program such as MCC program fees, MCC insurance, etc. but they are quite affordable.
City-wise Home Buyer Grants Available in Texas
|Houston||Houston Homebuyer Assistance Program||http://www.txhomeprograms.org/program/programdetail.php?id=227|
|Beaumont||Down Payment Assistance Program||http://beaumonttexas.gov/wp-content/uploads/pdf/housing/dpa-program-guidelines.pdf|
|Waco||Homebuyer Assistance Programs||http://www.waco-texas.com/housing-homebuyer-assistance.asp|
|Killeen||First Time Homebuyer Assistance Program||http://www.killeentexas.gov/pdf/comdev/2013/Homebuyer%20Assistance%20Program%20Oct2012.pdf|
|Fort Worth||Homebuyer Assistance Program (HAP)||http://fortworthtexas.gov/neighborhoods/hap/|
|Austin||Down Payment Assistance||http://www.austintexas.gov/department/down-payment-assistance|
|Dallas||Home Buyer Assistance Program
Mortgage Assistance Program (MAP)
|San Antonio||Homeownership Incentive Program (HIP)||http://www.renewsa.com/ProgramsServices/HomeownershipIncentiveProgram.aspx|
To get a comprehensive picture of home buyer grants available in Texas and to understand which one might suit you best, get in touch with us. We, at New Home Programs, have been turning home buyers’ dreams into reality for more than a decade.
Interested to know more about down payment assistance for first time home buyers and home buyer grants available in Texas? Call us, email us, or drop us a message via our online contact form.