State housing agency offers special 3.99% mortgage loan rate for first time homebuyers

(AUSTIN) — The Texas Department of Housing and Community Affairs is pleased to announce that its My First Texas Home (MFTH) Program has made available $166.3 million for Texas homebuyers to use when purchasing their first home. Nearly $50 million will be offered for low rate, unassisted mortgage loans, and more than $116 million will be available for low rate, down payment assistance available home loans. Qualifying homebuyers can take advantage of some amazing mortgage loan rates!

• 3.99% mortgage rate
  • No Down Payment Assistance provided
  • First come, first served basis
  • Government Loans (FHA, VA, USDA)
• 4.38% mortgage rate
  • No Down Payment Assistance provided
  • First come, first served basis
  • Conventional Loans (Fannie Mae HFA Preferred)
• 5.30% mortgage loan
  • Down Payment Assistance available (4 points provided through a 30 year, fixed rate, non-amortizing, 0% interest second loan that is due on sale of property or refinance of mortgage loan)
  • Government Loans (FHA, VA, USDA)

Qualified individuals must have a minimum FICO score of 620. Exceptions to the first time homebuyer requirement are available for veterans and with respect to homes purchased within federally-designated targeted areas. Learn more by contacting a MFTH participating lender or speak to the Texas Homeownership Team.

TDHCA’s Texas Homeownership Programs helped nearly 14,000 homebuyers purchase their first home in Fiscal Years 2017-2018. The My First Texas Home Program helps many low- to moderate-income Texans achieve their homeownership goals, while educating them about the risks and responsibilities that accompany those rewards. Find more information related to the programs at MyFirstTexasHome.com.