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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My First Texas Home

Financial Assistance for Homebuyers in Texas

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.

Qualifying homebuyers can benefit from different features that the Department’s Mortgage Credit Certification Program offers by combining it with TMP funds, further increasing the home’s affordability. The size of the annual tax credit will be 40% of the annual interest paid on the mortgage loan, up to $2,000 per year. MCC credits that can't be taken in the current year may be carried forward and used in the subsequent three years.

Eligibility Requirements
The eligibility requirements below must be met in order to qualify for the My First Home program:
  • Applicants must be a first-time homebuyer or a homebuyer who has not owned a home as primary residence within the past three years.
  • The applicant’s income should not exceed program's income limit guidelines.
  • The property should not exceed the program’s set purchase price limits.
  • Minimum credit score requirements for FHA, VA, and USDA loans is 640 with debt-to-income maximums at 45%.
  • Minimum credit score requirements for Fannie Mae HFA Preferred loans is 640 for loan-to-values of 95% or lower; 680 for loan-to-values obetween 95.01% and 97%.  Debt-to-income maximums are at 45%.
Property Guidelines
The following type of properties are eligible for loans through the My First Texas Home Program:
  • Single family units.
  • Single units in condominium developments and planned unit developments.
  • Duplexes (exceptions apply).
My First Texas Home has funds set aside for targeted areas, in which 70 percent or more of the families have incomes that are 80 percent or less of the statewide area median income (AMI), or an area of chronic economic distress. spacer

Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

Down Payment Grants in Texas

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.

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.

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 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.

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.

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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