First-time buyer and down payment assistance
Help with the down payment and closing costs.
- Assistance
- Often up to 5% of the loan amount
- Form
- Grant or forgivable second loan
- Pairs with
- FHA, VA, USDA and conventional loans
- Limits
- Income and purchase price caps apply
What it is
Down payment assistance programs give eligible buyers money toward the down payment and closing costs, as a grant or as a second loan that is often forgiven over time. Texas has statewide programs, and many cities and counties run their own.
How it works with a broker
Each program has its own rules on income, credit score, purchase price and whether you must be a first-time buyer. Some also require a homebuyer education course. I check which programs you qualify for and what each one does to your rate and payment.
Assistance is not always the cheapest route. A program can come with a higher rate than a loan without it, so I show you both side by side before you choose.
Common questions
Do I have to be a first-time buyer?
Not always. Several Texas programs are open to repeat buyers, and many define a first-time buyer as anyone who has not owned a home in the past three years.
Do I have to pay the assistance back?
It depends on the program. Some assistance is a grant, some is a second loan forgiven after a set number of years, and some is repaid when you sell or refinance.
Figures shown are typical guidelines and can vary by lender, credit profile and property. They are not an offer or commitment to lend.
Find out what you qualify for.
Answer a few questions and I will come back with real options, usually the same day. It takes about two minutes and does not affect your credit.