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Texas Down Payment Assistance Programs

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Texas down payment assistance programs (DAP) are available to reduce the amount of cash that is needed to close a mortgage loan. These programs are normally seller funded or provided by an agency.

Seller funded assistance can be direct or indirect. With direct assistance the seller agrees to pay a certain amount of your closing costs. Closing costs are usually 3% to 7% of the selling price of the home. Lenders usually limit the seller’s contribution to 3% of the selling price. The main exception if FHA which may allow a 6% seller contribution. An indirect seller contribution is where the seller gives funds to an organization and the organization contributes to your closing costs. Most lenders currently prohibit this type of contribution.

The best and most common agency DAP’s are from city, county, and state programs. For example in the Houston area there is a Houston down payment assistance program, and a Harris county down payment assistance program. This type of program is usually intended for first time home buyers with low to moderate income. Here are some of the guidelines for the Harris County program:

First time buyer or lost home in extenuating circumstances
Maximum family income for 1 is $34,150, 2 is $39,050, 3 is $43,900, etc
Fairly good credit (At least one credit score above 620)
Debt to income ratio of 42% or less
Home sales price of less than $115,000
No more than $10,000 in assets
Location and other restrictions apply
Grant of $14,200 for new construction or $9,500 for existing

Texas capital mortgage participates in grant programs. Our loan officers are trained to help you select the best available programs. Please take advantage of a free, no obligation consultation. Or you can email us for information or questions.

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Texas Capital Mortgage - 28 FM 1960 West - Houston, TX 77090
Office Phone: 1- 866-433-0500 toll free Fax: 832-565-1656

Texas Mortgage Broker License #65252.

We provide service for the entire state of Texas.

If you are looking for a houston mortgage, houston refinance, or a houston mortgage broker, then you have come to the right place! We are one of the top Texas lenders.