TSAHC
With the Texas State Affordable Housing Corporation (TSAHC) Homes for Texas Heroes Program you could get up to 5% of your mortgage amount in grant assistance.
This is just one of our down payment assistance programs, with which you can more easily work towards your dream of home ownership today!
Fairway works with Texas Department of Housing Community Affairs (TDHCA) to help provide essential services and affordable housing opportunities to Texans who qualify based on their income level.
Through this an other programs, Fairway can work around your income to help you achieve your goal of home ownership!
ARrive Home
low down Payment?...
Though not programs specifically geared toward first time homebuyers in Texas, USDA and VA loans offer very competitive rates and no down payment options.
USDA Loan
(0) Zero Down Payment
With a USDA loan, a first time homebuyer can finance the entire value (100%) of the property, as well as have the closing costs rolled into the loan. There are, however, income limitations, as well as restrictions on which cities/counties are eligible for a USDA loan. This type of loan favors those individuals seeking to purchase a home in more rural areas.
For more details on USDA loans click the button below.
(0) Zero Down Payment
If a first time homebuyer is a member of the armed services, or once was, they may be eligible for a VA loan. VA loans are backed by the U.S. Department of Veteran Affairs and offer benefits to both former and active military personnel, and their family. This program also allows the homebuyer to finance 100% of the property value. There is a funding fee with this program; however the fee can be financed with the rest of the loan amount so that it is possible to purchase the home with zero down payment.
For a more details on VA loans click the button below.
Low Down Payment
If the first time home buyer (or property) cannot qualify for a USDA or VA loan, they may still qualify for a FHA loan. FHA loans are insured by the U.S. Federal Housing Administration. Because of this “insurance”, first time home buyers can purchase the home with a minimum of 3.5% down payment, as opposed the 5% minimum on conventional loans. FHA loans are also (typically) much more lenient on borrowers with lower credit scores and/or higher debt-to-income ratios. An FHA loan does come with limitations/restrictions such as maximum loan amount and housing types. Additionally, there is a 1.75% upfront fee and a lifetime Private Mortgage Insurance (PMI) that, when combined, can be more expensive than a Conventional loa