It is not widely known that there is a special program established for teachers, police officers, firefighters, EMS, correction officers and veterans that provides home buyers assistance. The Home for Texas Heroes provides fixed rate mortgage loans, down payment assistance and mortgage interest tax credits to professionals in Texas working tirelessly to help keep our communities strong.
The program is sponsored by the Texas State Affordable Housing Corporation which provides grant money for those in those profession and pays for about half of what is required for your down payment and closing cost. There is no second lien associated with this Grant. It is a true Grant equal to 5% of your loan amount and never needs to be repaid. The program grants applicants funds between 3 to 5 percent of the total loan amount, to be put toward the down payment and/or closing costs associated with purchasing a home. This money is a gift, with no repayment terms, and no requirement to live in the home for minimum time period.
The best part is, those professionals do not have to be a first-time home buyer to take advantage of the Grant.
Here are some of the benefits:
- A 30-year fixed interest rate mortgage loan, several rates and loan options available
- Down payment assistance (DPA) provided as a Grant (never needs to be repaid) or forgivable second lien loan
- DPA available for up to 5% of the loan amount
- You do not have to be a first-time homebuyer
- Available statewide through a network of participating lenders. TSAHC does not require borrowers to use an approved REALTOR®, however we provide several resources to help find a REALTOR® familiar with TSAHC’s programs.
- Income limits vary by county. Expanded income and purchase price limits available in targeted areas.
For more information about the Home for Texas Heroes Program, click here.
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