If you've thought about buying a home, but maybe didn't have all the money you'd need to do so, there may be an alternative for you. There are down payment assistance grants available if you meet certain criteria, as well as special programs for Texas Heroes. This is all through the Texas State Affordable Housing Corporation. You do have to be eligible for these programs, and not all will qualify.
Loans and Down Payment Assistance
TSAHC provides low, fixed-rate mortgage loans and home down payment assistance grants to help qualified home buyers purchase a home. These loans and home down payment assistance programs are available anywhere in Texas through a network of lenders and provide the following benefits:
- A 30-year fixed interest rate mortgage loan
- Down payment assistance (DPA) can be up to 5% of the loan amount
- Several rate, loan and DPA options available
- No upfront points or origination fees are charged
- You do not have to be a first-time homebuyer
- You do not need to live in the home for any set period of time
- The down payment assistance is a gift that never needs to be repaid.
- First-time buyers can also use TSAHC's Mortgage Credit Certificate Program.
Mortgage Credit Certificate
TSAHC's Mortgage Credit Certificate (MCC) Program is available to teachers, fire fighters, peace officers, veterans, and low and moderate-income homebuyers. This program is available through a network of lenders across the state and provides the following benefits:
- A dollar for dollar savings of up to $2,000 every year as a special tax credit
- Saves the homebuyer thousands of dollars over the life of the loan
- Exclusively for first-time homebuyers or individuals who have not owned a home in the last three years
- Can be used with TSAHC’s Down Payment Assistance
Homes for Texas Heroes Program
TSAHC provides home buyer assistance specifically for teachers, police officers, correctional officers, fire fighters, EMS personnel, and veterans meeting certain income requirements.
To qualify for a teacher home loan under the Homes for Texas Heroes Program, you must be employed full-time in a Texas public school as one of the following:
- Classroom teacher
- Teacher aide
- School librarian
- School counselor
- School nurse
or, employed in a Texas college or university as one of the following:
- Allied health faculty
- Nursing faculty
To qualify for a police officer home loan under the Homes for Texas Heroes Program, you must meet one of the following requirements:
- Must be elected, employed, or appointed as a full-time peace officer under Article 2.12, Code of Criminal Procedure, Section 51.212 or 51.214 or Education Code and licensed through the Texas Commission on Law Enforcement.
- Must be employed or appointed full-time as an armed public security officer through this state or a political subdivision of this state and licensed through the Texas Commission on Law Enforcement.
Please note that security officers employed by a private security company that contracts with this state or a political subdivision of this state are not eligible under this definition.
To qualify for a correctional officer home loan under the Homes for Texas Heroes Program, you must meet one of the following definitions:
- Corrections Officer- all full-time employees of the Texas Department of Criminal Justice (TDCJ) who receive hazardous duty pay. Hazard duty pay employees must have a verification of employment through TDCJ.
- Juvenile Corrections Officer- all full-time employees of the Texas Juvenile Justice Department (TJJD) who receive hazardous duty pay. Juvenile corrections officers must have verification of employment through TJJD.
- County Jailer- must be employed full-time as a county jail guard under Section 85.005, Local Government Code. County jailers must be licensed through the Texas Commission on Law Enforcement.
To qualify for a home loan as a fire fighter or emergency medical services (EMS) personnel under the Homes for Texas Heroes Program, you must meet the following requirements:
Fire fighter: Any member of a fire department that performs a function listed in Section 419.021(3)(c) of the Texas Government Code. This includes permanent, full-time fire department employees who are not secretaries, stenographers, clerks, budget analysts, or similar support state persons or other administrative employees and who are assigned duties in one or more of the following categories:
- fire suppression
- fire inspection
- fire and arson investigation
- marine fire fighting
- aircraft rescue and fire fighting
- fire training
- fire education
- fire administration
- any other position necessary or customarily related to fire prevention or suppression
EMS Personnel: Any EMS personnel defined under Section 773.003 of the Texas Health and Safety Code. This includes full-time:
- emergency care attendants
- emergency medical technicians
- emergency medical technicians-intermediate
- emergency medical technicians-paramedic
- licensed paramedics
I would be more than happy to recommend a lender who does this program so we can get you started on buying your new home! Not all mortgage lenders are created equal, and not all do these programs. Please let me know if you're interested, and I'd be happy to refer you!
So if you're in the market to buy a home, Contact Me Today! I can help you get set up with mortgage and insurance people to make sure you're able to buy a home and have the best coverage.
You can also get a copy of my Home Buyers Handbook when buying to learn about the process!