These program are designed to help qualified home buyers purchase a newly constructed or existing home by providing a fixed-rate loan with down payment and closing cost assistance equal from 3.50% to 5.00% of the loan amount depending on the program.  The down payment and closing cost assistance is a grant and does not have to be paid back.  Loans under this program will be made on a first-come first-serve basis to qualified buyers through a participating lender. 

The mortgages available through this program have terms similar to other home loans – the payments are fixed 30 years depending on the program and the loan types are Freddie Mac, Fannie Mae, FHA-insured, VA-Guaranteed and Rural Development loans, as applicable.  However, these loans have two unique features:

• A locked-in attractive mortgage interest rate; and
• Homebuyers will be provided a closing cost and down payment assistance grant.  For example, in Tarrant County, on a $100,000 loan amount, home buyers will receive $4,500 in assistance.

To find out more information about one of the programs listed below, please click on the applicable link.