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My Choice Texas Home Loan Program

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My Choice Texas Home Loan Program

We’ve all heard of down payment assistance programs for first-time homebuyers, military veterans, first responders, and other groups who face unique challenges or go above the call of duty to help their communities or their nation. But what if you don’t belong to any of those groups? What if you’ve simply done the best you can by holding a job and supporting your family? Can you still get some help coming up with a down payment? Yes, you can – and Txhomenow will show you how!
Fortunately, Texas has home loan programs to help homebuyers from all walks of life afford the down payment on a new Texas home. We connect hard working homebuyers like you to all the programs that could help them get a more affordable down payment on their next home purchase. These Down Payment Assistance (DPA) programs were designed for homebuyers who otherwise couldn’t afford the large lump sum of cash for a down payment. My Choice Texas Home is one such program.

My Choice Texas Home

According to their website, My Choice Texas Home provides “home loans, down payment assistance, and closing cost assistance for Texas homebuyers of all professions”. This program is available through the Texas Department of Housing and Community Affairs (TDHCA). If you dream of becoming a Texas homeowner but can’t raise enough money to cover the substantial down payment most homes require, My Choice Texas Home could give you the help you need.

Program Benefits

  • You do not have to be a first-time homebuyer.
  • 30-year fixed interest rate mortgage loans
  • Down payment assistance and closing cost assistance up to 5% of the loan amount
  • Available statewide through a network of participating lenders
  • Available to qualified homebuyers of all professions
  • Homebuyers can choose government-backed loans (FHA, VA, or USDA) or conventional

The TDHCA provides a long list of participating lenders near your area who will tell you more about their specific requirements. You can expect income limits, purchase price limits, and possibly other requirements to apply.

Program FAQ

  1. Who qualifies for the My Choice Texas Home loan program?
  2. The program’s website does not list all requirements and limits because these vary according to the lender you choose. It does specify that homebuyers of any profession are eligible to apply as long as they have a credit score of 620 or higher.
  3. What if I’m not a first-time homebuyer?
  4. You do not need to be a first-time homebuyer to take part in My Choice Texas Home. Whether this is your first home or your fifth, all you need to do is meet the eligibility requirements set out by your chosen lender.
  5. What types of down payment assistance are available?
  6. My Choice Texas Home offers up to 5% down payment and closing cost assistance. The amount of your home loan will determine how much assistance you qualify for. For example, a home loan of $200,000 would qualify for $10,000 of down payment or closing cost assistance. Speak to a participating lender for more details.
  7. What about the Mortgage Credit Certificate Program?
  8. The Mortgage Credit Certificate (MCC) Program is a federal tax credit for first-time homebuyers. It reduces the amount of federal income tax paid by the homeowner by giving them a credit worth 20% of the mortgage interest paid during the tax year. Unfortunately, My Choice Texas Home cannot be combined with the MCC Program.

Txhomenow: We Bring Your Texas Home Dreams to Life!

Have you been dreaming of closing on a Texas home for you and your family? Don’t let expensive down payments keep you from making your dream a reality! Let Txhomenow guide you down the path to homeownership in the great state of Texas. There are more DPA programs available than you realize, and you probably qualify for more than one. Since our program eligibility requirements are the same as many of these programs, think of us as a quick pre-qualifier. If you are eligible to work with us, you’re eligible for help through a Texas DPA program! Even if you’re not, we’ll help you get there ASAP.

Our program has no hidden fees and no hidden costs. Call us today to find out if you’re eligible, and let’s get the process started!

Txhomenow: Your Source for Down Payment Assistance

Loans are not a one-size-fits all solution. What works best for one borrower might be out of reach for another. At Txhomenow, we want to make sure you take advantage of every program available to reduce your down payment, including loan programs with favorable terms. We connect you to down payment specialists who can determine your eligibility in as few as 48 hours! Get started today by calling us or taking our online eligibility quiz.

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(214) 960-1021

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