The First Home Program can help first-time buyers purchasing within the counties of:
Ellis, Hunt, Kaufman, Navarro and Rockwall, Texas
And within the incorporated city limits of:
Cedar Hill, DeSoto, Duncanville, Lancaster and Waxahachie, Texas.
with down payment and closing cost assistance.
The First Home Program provides a qualified borrower with a 30-year fixed rate first mortgage (FHA, USDA-RD or VA loan only) and a down payment and closing cost assistance grant.
ELIGIBILITY CRITERIA*
1. Buyers (and spouse if applicable) must be first-time buyers.
2. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
3. Buyers must occupy the property purchased within 60 days of closing.
4. Buyers must live in the property as their principal residence and the property may never be rented.
Speak with a participating lender for details.
DOWN PAYMENT ASSISTANCE
In the form of a non-repayable grant in the amount of 3.5% of the total Note Amount (ex. $375,000 loan amount - $13,125 assistance grant). The assistance may be used for down payment and closing cost.
INCOME LIMIT CRITERIA
Include income for the buyer (and spouse if applicable).
Dallas*, Ellis, Hunt, Kauffman and Rockwall Counties
Non-Targeted Areas
1-2 person households $117,300
3 or more person households $134,895
Targeted Areas
1-2 person households $140,760
3 or more person households $164,220
*ONLY in the incorporated cities of Cedar Hill, DeSoto, Duncanville and Lancaster in Dallas County.
Navarro County
Non-Targeted Areas
1-2 person households $ 98,800
3 or more person households $113,620
Targeted Areas
1-2 person households $118,560
3 or more person households $138,320
MAXIMUM PURCHASE PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
Dallas*, Ellis, Hunt, Kauffman and Rockwall Counties
Non-Target Areas $585,006
Targeted Areas $715,007
Navarro County
Non-Target Areas $544,232
Targeted Areas $665,173
WHAT IS A NON-TARGETED AREA AND TARGETED AREA?
A majority of eligible areas in the North Central Texas HFC Program are non-target areas.
However, there are Targeted Areas identified by HUD (by specific census tract number) as being an area of economic distress or have low loan origination. When you purchase a home in a Targeted Area you do not need to be a first-time buyer, the income limits and purchase price limits are higher.
Speak with a participating lender to determine if you property you want to purchase is located in a targeted area.
ELIGIBLE PROPERTY
New or existing, one-two** unit, detached or attached, condos, townhomes.
CREDIT SCORE - FICO must be 620 or higher.
**Two unit properties must be at least five years old and the borrower must live in one unit as their principal residence.
What's the next step?
1. Choose a North Central Texas HFC First Home Program Approved Loan Officer, click on the APPROVED LENDERS link at the top of this web page.
2. Work with your loan officer of choice to be pre-approved for a mortgage loan AND the First Home Program. Your loan officer will do all the work, the entire process is conducted with the Loan Officer.
3. Work with a NCTHFC Certified REALTOR Partner. Once you are pre-approved and know what price range to consider, we recommend you work with a licensed REALTOR to guide you with locating your first home.