First Time Home Buyer Programs
​
​
First Time Home Buyer Programs is a general reference to primary and many times government backed loans that are typically lower than a traditional 20% conventional loan. Below is a list of common examples.
​
Houston Homebuyer Assistance Program (HAP):
Administered by the City of Houston Housing and Community Development Department, this program offers financial assistance to low-to-moderate income first-time homebuyers. The assistance can be used for down payment and closing costs.
Texas Department of Housing and Community Affairs (TDHCA) Programs:
- My First Texas Home Program: Provides low-interest rate mortgages and down payment and closing cost assistance to eligible first-time homebuyers.
- Texas Mortgage Credit Certificate Program (MCC): Offers a federal income tax credit to eligible homebuyers who use a Mortgage Credit Certificate from TDHCA to reduce their federal income tax liability.
Harris County Housing Finance Corporation (HCHFC):
Offers down payment assistance programs to eligible first-time homebuyers in Harris County, including the City of Houston.
SETH 5 Star Texas Advantage Program:
Provides eligible homebuyers with a grant for down payment and closing costs, as well as a competitive interest rate on a mortgage loan.
Federal Housing Administration (FHA) Loans:
While not specific to Houston, FHA-insured loans are popular among first-time homebuyers and can be obtained through various lenders. They offer low down payment options.
USDA Loans:
The USDA offers loans for eligible rural and suburban homebuyers with low to moderate incomes. Parts of the greater Houston area may be eligible for USDA loans.
Veterans Affairs (VA) Loans:
For eligible veterans, active-duty military personnel, and surviving spouses, VA loans offer favorable terms, including zero down payment options.
Always consult with a mortgage professional or housing counselor to determine your eligibility for these programs and to get the most up-to-date information. Additionally, local banks and credit unions may have their own first-time homebuyer programs or special mortgage products.