Texas Helps First Time Home Buyers

The prospect of buying a home for the first time can be a very daunting one. Many people may never even consider it because they think that they cannot afford to buy a home. But prospective home buyers in Austin and throughout Texas may be eligible for tax breaks, grants, and other financial assistance when they purchase their first home.

Texas First Time Home Buyer Program

The Texas First Time Home Buyer Program provides below market interest rate mortgage loans in connection with a network of contributing lenders. Two different kinds of loans are available through this program to income-eligible buyers who are buying their first home or have not owned a home in the past three years.

An 'unassisted rate' loan offers the lowest interest rate available but does not provide money for down payment and closing cost assistance.

An ‘assisted rate’ loan is offers a somewhat higher interest rate but provides grant funds of up to five percent of the mortgage amount. These funds are meant to assist with down payments and closing costs of buying a home.

Mortgage Credit Certificate Program

The Mortgage Credit Certificate Program decreases a family's federal income tax obligation with a tax credit of up to $2,000 per year for the life of their mortgage loan. The tax credit you receive amounts to 30 percent of the annual interest paid on your mortgage, not exceeding $2,000.

Contact an Austin Real Estate Agent

If you are a first time home buyer and would like more information on purchasing a home in Austin, please contact an Austin real estate agent with the Carvajal Group at 512-419-7770.