Thinking about buying a home but worried about the down payment? You’re not alone! Many buyers believe they need 20% down, but in reality, there are several programs that can help you get into a home with little to no money down.
If you’re ready to buy but need financial help, here’s everything you need to know! 👇
🏡 What Is Down Payment Assistance (DPA)?
Down payment assistance (DPA) programs help reduce the upfront costs of buying a home by offering grants, loans, or forgivable second mortgages. These programs are typically available for first-time buyers, low-to-moderate-income buyers, and even repeat buyers in some cases.
✅ Benefits of DPA:
✔ Lower upfront costs = buy sooner
✔ Keep more cash for home repairs, furniture, or savings
✔ Some programs don’t require repayment
📋 Texas Down Payment Assistance Programs
1️⃣ Chenoa Fund Down Payment Assistance
✔ Assistance Amount: Up to 3.5% or 5% of the loan amount
✔ Eligibility: No first-time buyer requirement, credit score as low as 600 accepted
✔ Repayment: Some options are forgivable after a set period
✔ Bonus: Works with FHA loans
🔗 Learn more: Chenoa Fund Down Payment Assistance
2️⃣ Texas State Affordable Housing Corporation (TSAHC)
✔ Assistance Amount: Up to 5% of loan amount
✔ Eligibility: First-time and repeat buyers, income & credit score requirements
✔ Repayment: Some options require repayment if you sell early
✔ Bonus: Can be combined with first-time buyer grants
🔗 Check eligibility: www.tsahc.org
3️⃣ Texas Department of Housing and Community Affairs (TDHCA) – My First Texas Home
✔ Assistance Amount: Up to 5% for down payment & closing costs
✔ Eligibility: First-time buyers, 620+ credit score, income limits apply
✔ Repayment: Forgivable after a set period
✔ Bonus: Can be used with the Texas Mortgage Credit Certificate (MCC) program for tax savings
🔗 Learn more: www.tdhca.state.tx.us/homeownership
4️⃣ Houston Homebuyer Assistance Program (HAP)
✔ Assistance Amount: Up to $30,000 for eligible buyers
✔ Eligibility: Must buy within Houston city limits, meet income requirements
✔ Repayment: Some funds are forgivable after a set period
✔ Bonus: Can be used for down payment & closing costs
🔗 Check eligibility: www.houstontx.gov/housing
5️⃣ USDA Home Loans (100% Financing!)
✔ Assistance Amount: $0 down payment required
✔ Eligibility: Must buy in a USDA-eligible rural area (parts of Brookshire, Rosenberg, and Fresno qualify!)
✔ Repayment: Standard mortgage terms
✔ Bonus: Low interest rates & no PMI (private mortgage insurance)
🔗 Check if your area qualifies: www.usda.gov
6️⃣ VA Home Loans (For Veterans & Active Military)
✔ Assistance Amount: $0 down payment required
✔ Eligibility: Must be a qualified veteran, active-duty military, or surviving spouse
✔ Repayment: Standard mortgage terms
✔ Bonus: No PMI & competitive interest rates
🔗 Apply for benefits: www.va.gov/housing-assistance
💡 Want to See What You Qualify For? Let’s Talk!
There are many options available depending on your situation! If you’re unsure which program fits you best, I can connect you with lenders who specialize in down payment assistance.
📩 DM me, call, or text me today! Let’s get you into a home with less money down! 🚀