Okalohoma downpayment assistane programs

1.     My First Texas Home Program is a 30-year fixed-rate loan for closing-cost and down-payment assistance for low income buyers who need additional assistance. The My First Texas Home Program may combine with the MCC.  If you become an eligible borrower, you will get up to 5 % of the loan amount which means a maximum of $8,000.

My First Texas Home Program is a Taxable Mortgage Program (TMP Program 79) which can offer you a very competitive, fixed, low interest annual percentage rate to make your home buying process more affordable. You are advised to check the Maximum Income and Purchase Price Limits Table to verify the area median family income (AMFI) that figures for your area of the state.

My First Texas Home Program (as all Texas programs in fact) emphasizes the necessity of the homebuyer education. Thus, you are required to take a homebuyer education course before purchasing your first home which will help you face foreclosure later on. You may attend an online course as well (which is a two-hour course) which will provide you a Certificate of Completion. You have to provide your lender with a copy of the certificate. You will need a specialized lender to help you with your First Texas Home Program requirements.

 

2. Texas Mortgage Credit Certificate (MCC) Program is a dollar for dollar reduction against federal tax liability designed for first-time homebuyers with low or moderate incomes. The program helps you by turning your annual mortgage interest payments into a federal tax credit. To become an eligible borrower and claim the non-refundable tax credit, you will have to meet income and home purchase requirements. You are not allowed to have owned a home as your primary residence in the last 3 years Texas Mortgage Credit Certificate offers you 40 percent of the yearly mortgage interest paid, but not more than $2,000. Texas Mortgage Credit Certificate has to be insured by the FHA, VA, USDA/RHS. The program allows as eligible properties new and existing single family homes, townhouses, condominiums and manufactured housing (with certain restrictions). Texas Mortgage Credit Certificate requires purchase price and income limits according to your household size and the home has to be your primary residence. You must complete a pre-purchase homebuyer education course prior to loan closing. Thus, you are required to take a homebuyer education course before purchasing your first home which will help you face foreclosure later on. You may attend an online course as well (which is a two-hour course) which will provide you a Certificate of Completion. You have to provide your lender with a copy of the certificate. You will need a specialized lender to help you with your Texas Mortgage Credit Certificate Program requirements.

 3.     Homes for Texas Heros is a 30-year, fixed-interest mortgage program with down-payment assistance specifically designed for allied health faculty member, corrections officer, county jailer, emergency medical services personnel, firefighter, juvenile corrections officer, nursing faculty member, peace officer, professional educator, public security officer and veterans. Becoming an eligible borrower will allow you to benefit from a Mortgage Credit Certificate loan with a 3 %, 4 % or 5 % true grant that does not need to be repaid. Homes for Texas Heros Program has to be insured by the FHA, VA, USDA/RHS. The program allows as eligible properties new and existing single family homes, townhouses, condominiums and manufactured housing (with certain restrictions). Homes for Texas Heros requires purchase price limits and income limits according to your household size; the home has to be your primary residence. You must complete a pre-purchase homebuyer education course prior to loan closing. Thus, you are required to take a homebuyer education course before purchasing your first home which will help you face foreclosure later on. You may attend an online course as well (which is a two-hour course) which will provide you a Certificate of Completion. You have to provide your lender with a copy of the certificate. You will need a specialized lender to help you with your Homes for Texas Heros Program requirements.


ADDITIONAL RESOURCE PROGRAMS