Down Payment Assistance Programs in Texas

Down Payment Assistance products offered in Texas include: Texas Veterans Land Board, Texas SETH Grant, Texas State Affordable Housing Corp (TSAHC), Texas Department of Housing and Community Affairs (TDHCA), Travis County HFC Hill Country Home Grant Program, CHENOA Fund Program and the Within Reach Program. To see which program may be right for you, get started on your application today!

Texas Veterans Land Board

Availability: Texas

Description

The Texas Veteran Land Board Program (TVLB) provides low interest loans toward the purchase of a home to qualified Texas Veterans, in the state of Texas.

Features

  • Special loan assistance available for veterans
  • Fully amortized 15 or 30-year fixed term
  • Conventional, VA, and FHA loan types
  • Homebuyer education course NOT required
  • Credit and income restrictions may apply

Southeast Texas Housing Finance Corporation (SETH) Grant

Availability: Texas

Description

Texas SETH is a 30-year fixed rate, 1st lien program that offers FHA, VA, USDA, and a Freddie Mac HFA Advantage Conventional program with several grant options.

Features

  • Down payment assistance up to 4% for Conventional, VA, and USDA loans, up to 6% for FHA loans
  • 30-year fixed term with full amortization on the first mortgage
  • Conventional loan types only
  • Homebuyer education course IS required
  • Credit and income restrictions may apply

Texas State Affordable Housing Corp (TSAHC)

Availability: Texas

Description

The Texas State Affordable Housing Corporation (TSAHC) provides access to fixed‐rate first mortgage loans that include down payment assistance grants (DPA) attached to the loan.

Features

  • Down payment assistance available up to 5% of the loan amount for down payment or closing costs
  • 30-year fixed term
  • Conventional, USDA, VA, and FHA loan types available
  • Homebuyer education course IS required
  • Credit and income restrictions may apply

Texas Department of Housing & Community Affairs (TDHCA)

Availability: Texas

Description

Texas Department of Housing and Community Affairs (“TDHCA”) created this program to help make ownership of new or existing homes more affordable for individuals and families of low and moderate income in the State of Texas, especially for the first-time home buyers.

Features

  • Up to 5% of the note amount for down payment and closing costs
  • 30-year fixed term
  • Conventional, USDA, VA, and FHA loan types
  • Homebuyer education course is required
  • Credit and income restrictions may apply

Travis County HFC Hill Country Home Grant Program

Availability: Texas

Description

The Hill Country Home Down Payment Assistance (DPA) Grant Program is designed to help homebuyers to obtain FHA and USDA-RD financing to purchase a home anywhere in Travis County, including the City of Austin.

Features

  • Down payment assistance up to 4% of the purchase price or appraised value
  • 30-year fixed term with full amortization
  • FHA and USDA loan types only
  • Homebuyer education course REQUIRED
  • Credit and income restrictions may apply

City of San Antonio Homeownership Incentive Program

Availability: San Antonio, Texas

Description

The City of San Antonio (COSA) and the Homeownership Incentive Program (HIP) offers assistance to first-time homebuyers purchasing within the city limits of San Antonio.

Features

  • Down payment assistance ranging from $1,000 to $12,000 depending on financial need
  • 30 year fixed term on the first mortgage
  • FHA loan types only
  • Homebuyer education course IS required
  • Credit, property and income restrictions may apply

City of Houston Program

Availability: Houston, Texas

Description

The City of Houston Program assists eligible low- to moderate-income families with funds that can be used for a down payment and closing costs.

Features

  • Down payment assistance ranging from $15,000 to $25,000 depending on financial need
  • 30-year fixed term on the first mortgage
  • FHA, VA and Conventional loan types available
  • Homebuyer education course IS required
  • Income, geographic and sales price restrictions apply
  • Borrower must contribute $1,000 from their own funds

City of Arlington Program

Availability: Arlington, Texas

Description

The City of Arlington Homebuyer Assistance Program (AHAP) provides lower income citizens with the opportunity to purchase an affordable home within the City of Arlington, Texas.

Features

  • Down payment assistance to lower income homebuyers up to $7,000 in the city of Arlington
  • Down payment assistance to lower income homebuyers up to $10,000 designated target areas or household with a disabled member
  • 30-year fixed first mortgage
  • FHA, VA and Conventional loan types available
  • Homebuyer education course IS required
  • Credit and income restrictions apply
  • Borrower must contribute $1,000 from their own funds, 50% can come from a gift

CHENOA Fund Program

Availability: Nationwide

Description

The CHENOA Fund Program is available in Texas.

Features

  • Down payment assistance up to 3.5% of the purchase price or appraised value, whichever is less
  • 30-year fixed term with full amortization on the first mortgage
  • FHA loan types only
  • Homebuyer education course NOT required
  • Credit and income restrictions may apply

Within Reach Program

Availability: Texas

Description

The Within Reach Program is available in all of Texas.

Features

  • Down payment assistance up to 4% of the note amount
  • 30-year fixed term with full amortization on the first mortgage
  • FHA loan types only
  • Homebuyer education course is required
  • Credit and income restrictions may apply

Some program restrictions and requirements apply. Loan program availability is subject to change without notice. Some programs may have a first-time homebuyer requirement. The type of DPA and lien position will vary for each loan program. OnQ0322180681Y000003h0Si

Loan down payment example is based on a 30 year fixed conventional mortgage loan with 4.0% down (provided through the Down Payment Assistance program). Amounts are based on loan amount of $200,000, interest rate of 5.375%, APR of 6.190%, $6,551 due from borrower at closing ($8,000 down payment paid through down payment assistance program). Approximate monthly payment of $1525. All amounts shown are estimates provided for educational and comparison purposes only and will vary for each loan. Borrower will be responsible for down payment beyond what is provided by the program as well as any fees and costs associated with the loan. Down payment assistance may come in the form of a forgivable or non-forgivable lien. Income and geographic restrictions apply. Homebuyer education may be required for certain payment assistance programs. Program availability is subject to change without notice. Additional restrictions may apply. On Q Financial, Inc. is an Equal Housing Lender. Loan amounts and fees will vary based on program used. Loan Amounts on FHA Scenario’s include an FHA 1.75% upfront fee. Loan Amounts on VA scenario’s include a 2.15% VA Funding Fee (Based on Regular Military 1st time usage)-No down payment required unless sales price exceeds appraised value. A USDA Guarantee fee will be charged and financed into the loan. The USDA Guarantee Fee is 1% of the loan amount and the USDA Annual Fee is 0.35% as of 06/01/2018. The USDA Annual Fee is to be paid monthly as part of the mortgage payment.