The Texas First Time Homebuyer Program provides below market interest rate mortgage loans through a network of participating lenders to eligible families and individuals who are purchasing their first home or who have not owned a home in the past three years. Two types of loans are available under this program. An “Unassisted Rate” loan typically offers our lowest interest rate available and does not provide funds for down payment and closing cost assistance. For borrowers needing assistance with their down payment, an “Assisted Rate” loan is offered to income-eligible borrowers that provides grant funds up to 5% of the mortgage amount. These loans are offered at a slightly higher interest rate.

The Mortgage Credit Certificate (MCC) Program increases a family's disposable income by reducing its federal income tax obligation. The tax credit is valid for the life of the loan as long as the borrower occupies the property as their primary residence.