In the great State of Texas, a first-time homebuyer is defined as any family or individual who hasn’t owned a home within the last three years?
So, even if you previously owned a home – but have not owned one in the last three years – you are classified as a first-time buyer!
In several circumstances, No. But, this depends on the program selected. There are down payment assistance grants that do not have to ever be repaid. There are also mortgage credit certificates through many government programs, which is a mortgage interest tax credit that reduces the amount of federal income taxes you pay every year.
The Texas State Affordable Housing Corporation (TSAHC) provides 10 steps to buying a home, including valuable information about grants for down payment assistance and other programs that can help make your dream of homeownership a reality.
The home buying process can seem scary, but it doesn't have to be!
TSAHC also offers Mortgage Credit Certificates, also known as MCCs, to first-time home buyers. An MCC is a mortgage interest tax credit that reduces the amount of federal income taxes you pay every year.
Did you know that TSAHC provides 30-year fixed interest rate mortgage loans, down payment assistance grants, and mortgage credit certificates through the many government programs?