The state of Texas has created a no-interest $10,000 loan for gap financing, closing costs, or a downpayment to get first time home buyers to get into a home (this requirement is waived for Veterans). The beauty of this program is that you can defer your first payment for up to 5 years, and you can choose it in a form of a 5 year or 10 year loan. Therefore your first payment of $83.33 can start 5 years from now.

This type of assistance is available to new homebuyers whose annual income does not exceed $52,800 for any family size. All participants must complete a homebuyer education class.

Assistance comes in the form of a 5 or 10-year loan, depending on the borrower's preference. Buyers may even defer the first loan payment for up to 5 years from the date of closing.

This program will virtually allow you to purchase a home today without having to wait to raise the funds for your downpayment (3.5% of the purchase price) and closing costs (2% avg min).

Program Requirements

Available Funds: Approximately $1.6 million

Maximum Loan: $10,000

Loan Term: Five to ten years, per borrower’s choice

Interest Rate: 0%

First Payment: Due no later than on the sixty-first (61) month after the first payment date of the Senior Lien loan.

Eligible Properties: New and existing...

• Single family homes
• Townhouses
• Condominiums

Eligible Borrowers: First time homebuyers (This requirement is waived for Veterans.)

Home Value Limits: $200,160

Borrower’s income: $52,800

Liquid Assets: May not exceed $15,000 (excluding retirement and/or 401K accounts).

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If you have more questions, please do not hesitate to Email me or contact me at 713-589-3234 for more information.

As a By Referral Only®, and C.N.E., C.D.P.E, REALTOR® , I am committed to providing such extraordinary service and expertise that you will gladly refer your friends, family and acquaintances. With your help I am able to build strong business relationships one person at a time.