It may be easier than you think! There are several misconceptions about down payment assistance programs, including the belief that programs are only available for first-time home buyers and that programs aren’t available in your community.
But the truth is there are many programs available, so you may be eligible for assistance without even realizing it.
Down Payment Resource recently created a blog post to combat these misconceptions by outlining the six basic criteria required by most down payment assistance programs. Below we have addressed each of these qualifications in depth to help you determine if you qualify for a down payment grant from TSAHC.
Home Buyer Criteria
- Income and Financial Requirements. You must meet certain income, credit and debt requirements to qualify for TSAHC’s down payment assistance. We have created a short, four-question eligibility quiz to help you determine if you meet our income requirements, which can vary depending on your profession, household size and county. The last page of the quiz will also direct you to our credit score and debt requirements.
- Profession. TSAHC’s Homes for Texas Heroes program provides down payment assistance specifically to teachers, police officers, fire fighters, EMS personnel, corrections officers, and veterans. However, you don’t have to fall into one of these categories to qualify for down payment assistance. We offer another program, the Home Sweet Texas Loan Program, that is not profession-specific, so you can still qualify if you meet certain income requirements.
- First-Time Home Buyer Status. You do not have to be a first- time home buyer—defined as anyone who has not owned a home in the past three years—to receive down payment assistance through TSAHC. If you are a first-time home buyer, however, you can also qualify for a special income tax credit program known as a Mortgage Credit Certificate (MCC). Our MCC program can be combined with our down payment assistance and can save you up to $2,000 on your income taxes each year. Click here to learn more.
- Primary Residence. TSAHC requires that you live in the home you are buying as your primary residence. That means you can’t use our program to purchase a second home or a rental property.
- Sales Price of the Home. The home that you buy cannot exceed certain purchase price limits. The limits are set based on a percentage of the median home price in each county, which means that the purchase prices are higher in counties where homes are more expensive.
- Location of the Home. TSAHC’s down payment programs are statewide, so you can use our programs to purchase a home anywhere in Texas.
Want to know more? TSAHC is hosting webinars every Wednesday in June specifically on the home buying process. You’ll learn the 10 steps to buying a home and receive a tutorial on our down payment assistance and MCC programs. Click here to register.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.