My First Texas Home Program Guide

Guide to the My First Texas Home Program

The My First Texas Home Program is designed to help eligible first-time homebuyers achieve homeownership by offering affordable mortgage options and financial assistance for upfront costs. With competitive fixed interest rates and additional support for down payments and closing costs, this program is an excellent resource for those taking their first step into homeownership. Below is a comprehensive guide to the program’s features, requirements, and application process for 2025.

1. Program Overview:

• Purpose: The My First Texas Home Program provides affordable fixed-rate mortgages and financial assistance to first-time homebuyers, reducing the financial barriers to purchasing a home.
• Loan Terms: The program features 30-year fixed-rate mortgages, ensuring predictable and stable monthly payments.
• Down Payment Assistance: Qualified buyers may receive up to 5% of the loan amount to cover down payment and closing costs, making the home purchase more affordable.

2. Eligibility Requirements for 2025:

To qualify for the My First Texas Home Program, applicants must meet the following criteria:

• First-Time Homebuyer: The program is intended for first-time buyers, defined as individuals who have not owned a home in the past three years. Exceptions may apply for buyers in targeted areas or veterans.
• Income Limits: Household income must fall within program limits, which vary by location and household size. These limits are updated annually.
• Credit Score: Applicants must have a minimum credit score of 620. Additional underwriting guidelines may apply based on lender requirements.
• Property Requirements: Eligible homes must be located in Texas, used as the buyer’s primary residence, and meet program purchase price limits.

3. How to Apply:

Follow these steps to apply for the My First Texas Home Program:

• Assigned Loan Officer: Once you begin the application process, a loan officer will be assigned to guide you through the program. They will explain the benefits, verify your eligibility, and assist you with the application.
• Prepare Documentation: Gather necessary documents, including proof of income, tax returns, credit history, and property details.
• Submit Your Application: Work closely with your assigned loan officer to complete and submit your application. They will handle the processing and notify you of approval status.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete an approved homebuyer education course. This course provides valuable knowledge about budgeting, understanding mortgages, and managing homeownership responsibilities.
• Course Availability: The course can be taken online or in person. Upon completion, participants receive a certificate that must be submitted with their loan application.

5. Key Benefits of the My First Texas Home Program:

• Affordable Fixed Rates: The program offers competitive fixed interest rates, making monthly payments predictable and manageable.
• Down Payment Assistance: Buyers may receive up to 5% of the loan amount to cover upfront costs, reducing financial stress.
• Support for First-Time Buyers: The program is specifically designed to assist first-time buyers, offering financial and educational resources to ensure a smooth transition into homeownership.

6. Finalizing the Loan:

• Approval Process: After approval, your assigned loan officer will guide you through the final steps, including reviewing loan terms, signing documents, and preparing for closing.
• Closing Costs: While the program provides significant assistance, buyers may still be responsible for certain closing costs. Your loan officer will provide a detailed breakdown of these expenses.

The My First Texas Home Program is a valuable resource for first-time homebuyers looking for affordable mortgage solutions and assistance with upfront costs. With competitive rates, down payment assistance, and expert guidance, this program helps Texans achieve their dream of homeownership. Begin your journey with the My First Texas Home Program in 2025.