How First Time Home Buyer Programs Can Help Get You into Your First Home

As a first time home buyer, you’re probably excited and overwhelmed by all the necessary steps when buying your first home. There are many items to consider, including: checking your finances, finding an agent, setting a budget, understanding mortgages, and finding the right home. Thankfully, there are many financial assistance programs to help you as a first time home buyer. First, let’s learn more about what a first time home buyer program is and who qualifies.

What Is a First Time Home Buyer Program?

A first time home buyer program, also known as a first time home buyer grant or assistance, is a way for first time home buyers to receive financial assistance as they make their first investment in a home. Purchasing a home is quite a big investment and a first time home buyer program will make it much easier for you to understand loans, mortgages and down payments on a new home. For purposes of grants and assistance, first time home buyer includes more than someone who has never owned a home. You can also be considered If you are a single parent and/or a displaced homemaker or you or your spouse haven’t owned a home in the past three years.

States, regions and cities provide a variety of these first time home buyer programs. It’s important to note that these programs do not loan to buyers but rather provide assistance through participating lenders. Texas Lending is also a participating lender for first home buyers. We evaluate your financial information, complete all mandatory paperwork for your first time home buying loan and assist you with the closing process.

There are a few general requirements in order to be eligible for a first time home buyer program. You will need to make sure that all your financial documentations are up-to-date and that you have a sound credit score. There may be certain requirements in your first home purchase like the price and that it meets certain housing standards.

First Time Home Buyer Programs in Texas

Here are a couple of statewide or regional Texas programs for first time home buyers:

Texas Department of Housing & Community Affairs

• Provides a homeownership program called My First Texas Home Program (Taxable Mortgage Program or TMP Program 79), which offers mortgage loans with a more competitive, fixed and low-interest annual percentage rates. They also assist with the closing costs and down payments.
• Texas Lending is an approved lender for the My First Texas Home Program. Learn more about the process by us here.

Texas State Affordable Housing Corporation

• Only first time home buyers have access to their Mortgage Credit Certificate Program.
• This program offers special mortgage interest tax credit for first time home buyers. The Texas State Affordable Housing Corporation also offers down payment assistance.  

Other Homeownership Assistance Programs

Here is a list of homeownership assistance programs (including first time home buyer programs) for Texas cities and towns.  And here is a list of homeownership assistance programs (including first time home buyer programs) by state if you are not located in Texas.

Learn more about the home loan process.