Texas Lone Star Lending Video

$10,000 Grant Program for First-Time Homebuyers in Texas

In this week's 5-Point-5, we'll learn about a $10,000 grant program for first-time homebuyers in Texas.

Posted 2/2/24  |  0:00

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In this week's 5-Point-5, we'll learn about a $10,000 grant program for first-time homebuyers in Texas.

1st point: Who qualifies?

You qualify based on where you currently live. The program is available to homebuyers who live in certain parts of Houston, San Antonio, Dallas-Ft. Worth, and The Valley.

2nd point: Owned a home before?

A first-time hombuyer is anyone who hasn't owned a home in the last 3 years, so you still qualify if you owned a home more than 3 years ago.

3rd point: No income limits

You have to have enough income to repay the loan, but there's no maximum income limit.

4th point: 3% down

The minimum down payment is 3% of the home's price. If the grant is more than that, use the leftover to pay your closing costs.

Last point: Added benefits

The program also offers a $500 credit towards the appraisal fee, and you may qualify for a $500 credit to purchase of a home warranty plan.

Helpful next steps

  • Explore: First-time homebuyer Programs and situations that may help new buyers understand their options and take the next step.
  • Explore: Buy a home Loan options and special situations for people preparing to buy a home.
  • Use: Affordability Calculator Estimate a possible home price based on your down payment, loan assumptions, and either your income or your desired monthly payment.
  • Use: Rent vs. Buy Calculator Compare the long-term cost of buying a home with the cost of continuing to rent, using your rent, home price, loan assumptions, and expected time in the home.
  • Use: Payment Calculator Estimate a monthly mortgage payment based on purchase price, down payment, loan term, occupancy, and interest rate.

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