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5 Star Texas Advantage Program
Financial Assistance for Homebuyers in Texas
5 Star Texas Advantage Program is a true gift, as there is no repayment or recapture period for the funds provided, nor is there is a second lien on the property. Additionally, the program does not have the usual first-time homebuyer requirement.
Eligibility Requirements
- Buyers must be income eligible.
- They must purchase a home within the program’s perimeters (the entire State of Texas except the city limits of El Paso, Grand Prairie, and Travis County).
- All buyers on the mortgage must complete the online SETH Homebuyer Education Class.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.
Down Payment Grants in Texas
5 Star Texas Advantage Program
The Southeast Texas Housing Finance Corporation (SETH) offers Texas residents the 5 Star Texas Advantage Program, which helps eligible applicants with down payment and closing cost assistance in the form of a grant.
Hill Country Home Down Payment Assistance
This program is designed for homebuyers to purchase a home anywhere in Travis County, including the City of Austin, by helping them overcome the obstacle of down payment costs. A grant of up to 5 percent of the loan amount is applied towards the down payment or closing costs.
Home Star Program
The Southeast Texas Housing Finance Corporation (SETH) offers Texas residents the Home Star Program, which helps eligible applicants with down payment and closing cost assistance. SETH provides up to 4 percent of the total loan amount in the form of a down payment assistance grant.
Homeownership Across Texas
Homeownership Across Texas grants 5 percent of the loan amount with VA, FHA, or USDA financed loans. Borrowers with conventional loans receive 3 percent grants. Grants do not come with any repayment or recapture period, nor is there a first-time homebuyer requirement.
Homes for Texas Heroes Program
This initiative provides teachers, police and correctional officers, fire fighters and EMS personnel, and veterans with down payment assistance between 3 and 5 percent of the loan amount and a 30-year fixed rate mortgage with several rates and loan options.
My First Texas Home
Along with a competitive, fixed interest, 30-year home loan, the Texas Department of Housing and Community Affairs’ My First Texas Home’s Taxable Mortgage Program (TMP) offers down payment and closing cost assistance of up to 5 percent of the mortgage loan.
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FHA.com Reviews
FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!
Common FHA Questions
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FHA Loans 101
