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This downpayment assistance program (DAP) is designed to assist First Time Homebuyers who are interested in purchasing a home anywhere in Texas (including the Houston metropolitan area). With this DAP the first time home buyer can effectively cover his or her downpayment requirement -on an FHA Loan- making it a true Zero Downpayment Loan.
This DAP works in conjuction with any 30-year fixed interest rate FHA loan. The interest rates offered under the program change periodically depending on the industry's market rates at the time the loan is registered.
These are the current features for this program:
Assisted funds with 30-yr fixed interest rate loan:
5% of loan amount -2nd Lien @4.5% interest rate (Up to $14,450 approx.)
Maximum Purchase Price:
$298,085 (Harris, Fort Bend & Brazoria counties)
Maximum Income:
$87,745 (Family of 3 or more in Harris, Fort Bend & Brazoria counties)
$108,330 (Family of 3 or more in Brazoria county)
Types of properties:
• single family
• townhomes
• condominiums
Who is eligible for the program?
Homebuyers who have not owned a home within the past three years, who meet program income guidelines and do not exceed the program purchase price limits are eligible to apply for a loan under this program.
How do I know if I qualify for a Texas First Time Homebuyer Program?
A participating lender will determine your ability to repay a 30-year mortgage loan by reviewing your employment and income information, total monthly debt obligations and your past experience with credit along with information about the value of the property you want to buy. These lenders will pre-qualify you so that you will know the approximate price range of homes to shop for. The lender will complete all necessary paperwork for loan approval and assist in the coordination of loan closing with your Realtor and closing agent. You need to get pre-qualified by one of the participating lenders prior to shopping for a home.
How do I apply for the funds?
The mortgage loan funds are available through a network of participating lenders located throughout the state. Please follow the link below.
How long does the mortgage process typically take?
In general, the mortgage process takes between 30 to 60 days from the time of application to closing. This time frame is dependent upon a number of factors including the individual lender’s process and any potential qualifying issues.
What comprises a monthly mortgage payment?
Your monthly mortgage payment includes a payment to the principal balance of your loan, the interest payment, and your escrow payment (monthly payments collected to pay your hazard insurance, mortgage insurance, flood insurance, if applicable, and property taxes.) This is commonly referred to as P.I.T.I. (principal, interest, taxes and insurance.).
Are there credit and debt requirements?
Yes. The loan options available have a minimum credit score requirement of 640 for all Government loans (FHA, VA, USDA).
Additionally, homebuyers must have a maximum back-end debt to income ratio (DTI) of 45%. The DTI shows how much of your gross monthly income is needed to cover all your debt obligations.
Can I rent my home obtained under this program?
No, you may not rent a home obtained under this program. The home must be your primary residence.
If you have more questions, please do not hesitate to Email me or contact me at 713-589-3234 for more information.
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