Buying a home for the first time can be overwhelming, especially in an area as large as the Dallas-Fort Worth metroplex. Fortunately, several first-time homebuyer programs in Dallas, TX, can help you navigate the process. These programs offer financial assistance and favorable mortgage terms, making homeownership more accessible for first-time buyers. Understanding these options is essential to finding the support you need. Here are six programs to help you on your journey to owning a home in Dallas.
Dallas, TX Real Estate Market Watch
As of July 2024, selling a home in Dallas, TX, takes an average of 50 days. However, real estate data is constantly changing. Contact Norma Wall for help buying and selling homes in Dallas, TX.
6 First-Time Homebuyer Programs in Dallas, TX
Dallas Homebuyer Assistance Program (DHAP)
The Dallas Homebuyer Assistance Program (DHAP) aims to assist homebuyers with low to moderate income. It offers up to $60,000 for homes in High Opportunity Areas and up to $50,000 for other areas. This assistance is a second lien on your property without interest or monthly payments. But if you sell, lease, or transfer the property before the loan term ends, you’ll have to pay it back. There’s also a Targeted Occupations Homebuyer Assistance Program within DHAP for certain professions like teachers and healthcare workers.
TDHCA My First Texas Home
The TDHCA My First Texas Home program is tailored for first-time buyers in Texas. It offers a 30-year fixed-rate mortgage with below-market interest rates and up to 5% in down payment assistance. This assistance is a deferred loan with no interest, which means you’ll repay it only if you sell, refinance, or fully pay off the mortgage. The program is also available to veterans and those who haven’t owned a home in the last three years.
TDHCA My Choice Texas Home
The TDHCA My Choice Texas Home program offers more flexibility. It’s open to both first-time and repeat homebuyers. Like the My First Texas Home program, it provides a 30-year fixed-rate mortgage and up to 5% in down payment assistance. It also includes options for conventional loans through Fannie Mae.
TSAHC Home Sweet Texas Home Loan Program
The TSAHC Home Sweet Texas Home Loan Program offers a 30-year fixed-rate mortgage and up to 5% in down payment assistance, which can be received as a grant and doesn’t need to be repaid, or as a forgivable second mortgage. You must repay the assistance if you sell or refinance within three years. This program is open to all buyers. Depending on your location, it requires a credit score of at least 620 and has income and purchase price limits. Dallas County’s purchase price limits are $110,300 for non-targeted areas and $577,842.30 for targeted areas.
TSAHC Homes for Texas Heroes Program
The TSAHC Homes for Texas Heroes Program is for community service workers like teachers, firefighters, police officers, EMS personnel, and veterans. It offers the same benefits as the Home Sweet Texas Home Loan Program: a 30-year fixed-rate mortgage and up to 5% in down payment assistance, which can be a grant or a forgivable second mortgage.
Other First-Time Homebuyer Loan Programs
In addition to these local programs, you can look into national options like FHA, VA, and USDA loans. These programs cater to various needs, from lower credit scores to military service, providing flexible ways to finance your first home.
The Bottom Line
Dallas offers many programs to help first-time homebuyers. Whether you need help with a down payment, a lower-interest mortgage, or something specific to your job, these programs can make owning a home in Dallas more achievable.
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Consult your real estate pro! Contact Norma Wall, Broker at North Point Realty, at 214-212-6770, or visit our website to meet our team of experienced agents. Let’s explore your options together and see how we can make a move that works for you. As your Realtor®, we’re here to help you set realistic expectations and guide you every step of the way.
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