2015 First Time Home Buyer Programs for Texas Homes for Texas Heros Homes for Texas Heros is designed specifically for allied health faculty member, corrections officer, county jailer, emergency medical services personnel, firefighter, juvenile corrections officer, nursing faculty member, peace officer, professional educator, public security officer and veterans. This is a 30 year, fixed interest mortgage program with down payment assistance of 3 percent, 4 percent or 5 percent that does not need to be repaid. There is no first time buyer requirement.Ë™ Qualified buyers in Texas may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. My First Texas Home Program My First Texas Home Program offers a 30 year fixed rate loan with closing cost and down payment assistance equal to 5 percent of loan amount (up to $8,000). This is designed for low income buyers who need additional assistance. First Texas can be combined with the MCC. Qualified buyers in Texas may apply. Texas Mortgage Credit Certificate (MCC) Program Texas Mortgage Credit Certificate (MCC) Program First time homebuyers with low or moderate incomes are eligible, which helps borrowers lower their tax liability by turning their annual mortgage interest payments into a federal tax credit. The size of the credit is 40 percent of the yearly mortgage interest paid, but cannot exceed $2,000 Qualified buyers in Texas may apply.
To apply visit http://buyerprograms.net/Texas