Homes for Texas Heroes Loan Program

TEXAS HEROES HOME LOAN PROGRAM was created to provide affordable mortgage loans exclusively for Texas full-time paid, fire fighter, peace officer, teachers correction officer, juvenile corrections officer, county jailer, EMS personnel or public security officer working in the state of Texas.

Program Highlights:

  • FHA fixed rate 30 year loan only
  • Down Payment Assistance Grant Available
  • Must Reside in Texas
  • Property must be Primary Residence
  • Program funds are limited
  • Must meet the income and home purchase price limits
  • Minimum 640 FICO score
  • Buyer must attend Homeownership education
  • Must meet the standard mortgage underwriting requirements demonstrating credit worthiness

5% Down Payment Assistance Grant - 4.5% Interest Rate

To be eligible for this program, a homebuyer must be:

  • Professional Educators: A full-time Texas classroom teacher, teacher's aide, school librarian, school nurse, school counselor, or an allied health or nursing faculty member.
  • Homes for Texas Heroes: A full-time paid fire fighter, peace officer, corrections officer, juvenile corrections officer, county jailer, EMS personnel, or public security officer, working in the state of Texas. Veterans now eligible too!
  • Homes Sweet Texas Loan: A household whose annual income does not exceed 80% Area Median Family Income (AMFI)

Qualifications:

  • Reside in Texas (at the time of application)
  • Meet the income limits (Austin MSA)
    • Professional Educator and Texas Hero's
      • $75,400 (1 or 2 persons)
      • $86,710 (3 or more)
    • Home Sweet Texas
      • $60,320 (any family size)
  • Max Purchase Price (Austin MSA): $299,250
  • Occupy the purchased home as their primary residence
  • Single Family, condos and 2-4 units eligible
  • Complete a HUD-approved homebuyer education course

Interest Rate Changes for 2015

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