First Time Home Buyer Credit available to Texas Home Buyers
There are home buyer-friendly programs available to Texas homebuyers, through the Texas
Department of Housing and Community Affairs, effective May, 2010. Funds are still available!
The Texas Department of Housing and Community Affairs created the Texas Mortgage
Credit Program to help make homeownership more affordable for low- and moderate income
first-time buyers. Credits are available in conjunction with FHA, VA, USDA, or conventional
mortgage loans through a statewide network of participating banks and mortgage
companies. Homebuyers earning up to 115% of the area median family income are eligible
to deduct 30% of the annual interest paid on their mortgage loan up to the maximum
amount of $2,000 per year. The $2,000 is then deducted from the borrower’s annual tax liability,
and the benefit lasts for the entire life of the mortgage loan.
Learn more about the various programs at MyFirstTexasHome.com. To search for more affordable-housing
resources, visit TxHomePrograms.org, a site created by the Texas Association of REALTORS®.