TDHCA: Texas Department of Housing and Community Affairs

The Texas Department of Housing and Community Affairs (TDHCA) offers various housing and mortgage programs to help Texans achieve affordable homeownership. These programs are designed to assist low to moderate-income individuals and families in purchasing homes. Here’s an overview of TDHCA’s mortgage programs as of my last knowledge update in September 2021:

1. My First Texas Home Program:
   • The My First Texas Home Program is aimed at first-time homebuyers or those who haven’t owned a home in the past three years.
   • It provides a 30-year fixed-rate mortgage loan with competitive interest rates.
   • Down payment assistance options are available to eligible borrowers, helping them cover down payment and closing costs.
   • Borrowers must meet income limits and credit score requirements, and the home must be their primary residence.
2. Texas Mortgage Credit Certificate Program (MCC):
   • The MCC program allows eligible first-time homebuyers and veterans to receive a federal income tax credit equal to a percentage of their mortgage interest paid each year.
   • This credit can reduce the amount of federal income tax owed, potentially making homeownership more affordable.
   • Borrowers must meet specific income and purchase price limits to qualify for the MCC program.
3. Homes for Texas Heroes Program:
   • This program is designed for Texas veterans, active-duty military personnel, and eligible surviving spouses.
   • It offers a 30-year fixed-rate mortgage loan with competitive interest rates.
   • Down payment assistance and Mortgage Credit Certificates (MCCs) may also be available to eligible borrowers.
   • Income and credit requirements apply, and the home must serve as the primary residence.
4. Homeownership for the Brave Program:
   • Similar to the Homes for Texas Heroes Program, Homeownership for the Brave is tailored for Texas veterans, active-duty military personnel, and eligible surviving spouses.
   • It offers reduced interest rates on mortgage loans and may provide down payment assistance and MCCs.
   • Eligibility criteria, including income and credit requirements, apply.
5. Homebuyer Education:
   • TDHCA typically requires borrowers to complete a homebuyer education course before obtaining a mortgage through their programs. These courses offer valuable information about the home buying process and financial management.
6. Preferred Lenders:
   • TDHCA collaborates with a network of approved lenders who are familiar with their programs. Homebuyers are encouraged to work with these preferred lenders when applying for TDHCA mortgage programs.

Please note that program details, eligibility criteria, and offerings may have changed since my last update in September 2021. Therefore, I recommend visiting the official TDHCA website or contacting them directly to get the most current and accurate information about their mortgage programs, including any updates or changes that may have occurred after my last knowledge update.