Frequently Asked Questions
Our frequently asked questions are below. If you don't find the answer
you are looking for, call us at 1-800-792-1119 and we will be glad
to help.
What is My First Texas Home?
My First Texas Home is a program offered by the state
of Texas to help Texans buy their first home. The program provides
low-interest rate home loans for eligible families and individuals
through the sale of tax-exempt mortgage revenue bonds. top
Who is eligible for the program?
Homebuyers who have not owned a home within the past three years,
who meet program income guidelines and do not exceed the program purchase
price limits are eligible to apply for a loan under this program.
top
What type of home can I
buy?
Any new or existing home in the state of Texas that does not exceed
the maximum purchase price limits of the program. Manufactured homes
are allowable if the home is permanently affixed to a foundation and
meet FHA guidelines. All homes purchased under this program must meet
certain quality standards. top
How do I apply for the funds?
TDHCA does not actually loan you the money. The mortgage loan funds
are available through a network of participating lenders located
throughout the state. If you experience difficulty with one of the
participating lenders, please contact us at 1-800-792-1119. top
How do I know if I qualify
for a My First Texas Home?
A participating lender will determine your ability to repay a 30-year
mortgage loan by reviewing your employment and income information,
total monthly debt obligations and your past experience with credit
along with information about the value of the property you want
to buy. These lenders will pre-qualify you so that you will know
the approximate price range of homes to shop for. The lender will
complete all necessary paperwork for loan approval and assist in
the coordination of loan closing with your real estate professional and closing agent.
It’s a good idea to get pre-qualified by one of the participating
lenders prior to shopping for a home. If you do not qualify for
a loan due to credit problems, visit Help for Texans to locate a certified consumer credit counseling provider in your area. top
Is this a free program, or are there
any costs involved?
As with most mortgage loans, there are fees (closing costs) associated
with this program. TDHCA does, however, limit the fees participating
lenders may charge to help minimize your costs of closing the loan.
top
How long does the mortgage
process typically take?
In general, the mortgage process takes between 45 to 60 days from
the time of application to closing. This time frame is dependent upon
a number of factors including the individual lender’s process
and any potential qualifying issues. top
What comprises a monthly mortgage
payment?
Your monthly mortgage payment includes a payment to the principal
balance of your loan, the interest payment, and your escrow payment
(monthly payments collected to pay your hazard insurance, mortgage
insurance, flood insurance, if applicable, and property taxes.)
This is commonly referred to as P.I.T.I. (principal, interest, taxes
and insurance.) top
Are funds available
for down payment and closing cost assistance?
Yes. As with most mortgage loans, a minimum down payment is required.
TDHCA usually has funds available for use in conjunction with select mortgage
revenue bond programs. The funds are available exclusively to lower
income homebuyers. To see if you qualify, contact one of the participating
lenders. top
Can I rent my home obtained under
this program?
No, you may not rent a home obtained under this program.
The home must be your primary residence. top
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