In October 2012, the Texas Department of Housing and Community Affairs announced a new program called My First Texas Home, an incentive program for first-time home buyers. Over $600 million in home buying assistance is available; more money than the state has ever offered before through similar programs. Since many of LGI Homes’ communities are located in the great state of Texas, this program is great news for Texans looking to purchase their first home in one of our neighborhoods. In order to learn how this program could help make your dream home become a reality, we’ve created this comprehensive guide to help you determine if you qualify.
What is the My First Texas Home Program? – It’s a government backed housing program targeted toward Texas residents who are first-time home buyers. It allows qualified Texans access to home loans with competitive interest rates, as well as down payment and closing cost assistance. This way, people who might not normally be able to afford all of the up-front costs of purchasing a home can still do so. The amount of down payment and closing cost assistance granted varies based on availability of funds, but everyone accepted gets access to the mortgage benefits.
Who qualifies for the program? – In order to qualify, you must be a resident of Texas and may not have owned a home in the past three years. You must also qualify under FHA, RHS or VA guidelines.
What kind of house can I buy? – The program allows you to purchase any new or existing single-family unit. This includes single-family homes, single-family units in condominiums and duplexs.
What kind of mortgages are available? – All mortgages offered through the My First Texas Home program are 30-year fixed-rate mortgages. Currently, the interest rate is locked in at 4%.
How do I apply? – You can prequalify for your mortgage through the Texas Department of Housing and Community Affairs website. Once you’ve found the home of your dreams, you need to collect recent bank stubs for all of your accounts, pay stubs for the past three months, tax returns from the past two years, your W-2 forms from the past two years, proof of current income and information about any long-term debts you currently have, such as student loans or auto loans. You can then fill out your application through the website.
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