The Best First Time Buyer Programs For Houston

It’s no secret, being a First Time Buyer in Houston can be hard. It’s no wonder why so many people are turning to First Time Buyer Programs for a little extra help.

With this in mind, we have spent several years researching the best first time buyer programs around Houston to make purchasing your first home easier.

But everyone’s going to qualify for different programs. With that in mind, I’ve divided up First Time Buyer Programs into the following categories:

• Best First Time Buyer Program In Houston
• Best Down Payment Assistance Program
• Best Program for Vets
• Best Program for Teachers
• Best Program for High Income Buyers
• Best Program for Building Credit and Savings

In addition, I’ve broken down each program into what does the program provide, who qualifies, and how to apply. Let’s dive in!

The Best First Time Buyer Program In Houston

The best first time buyer program offered in Houston is the Friday Buyer Program provided by the Friday Real Estate Team. … Ya, I know, but surely you saw that coming right?

The Friday First Time Buyer Program provides Houston buyers with a credit up to $1,000 that can be used for closing costs or as a rebate after closing.

But the best part? You can use this credit in addition to any of the programs listed below. This is why we will look at the Friday First Time Buyer Program first.

What does the Friday First Time Buyer Program offer?

The Friday First Time Buyer Program offers Houston buyers a $1,000 credit on home purchases over $175,000 or a $750 credit on purchases below $174,999.

The great thing about this program is it can be used to help you pay for closing expenses, your down-payment, or other expenses after closing (like a new fridge).

Another benefit of this program is the ability to use it along side other programs. This means you can use our program in addition to the programs listed below for additional savings!

Who Can Take Advantage of the Friday First Time Buyer Program?

Anyone wanting to buy their first home in the greater Houston area can take advantage of this credit. The only requirement is working with one of our agents to buy a house.

While there are no credit or income requirements for this program, you will need be approved for a mortgage.

In general, getting approved for a mortgage requires a credit score above 620 (plus a little cash in the bank).

If you are still working on your credit score, check out our Best Program for Building Credit and Savings below. It is an awesome program to help you improve credit and savings at the same time.

How To Apply for the Friday First Time Buyer Program:

To see if you qualify for this program, start by taking our 60 second eligibility quiz here.

After completing the eligibility quiz, we will connect you with an agent who can help you!

If you are moving outside the Houston Area, we still might be able to help you. Just start a conversation with us in messenger by clicking here. Let us know where you are thinking about purchasing a home and we will connect you will a local expert agent.

Best Down Payment Assistance Program for Houston

The best Down Payment Assistance Program available to Houston residents is provided by the Texas State Affordable Housing Corporation.

TSAHC provides Houston families with low or moderate income an affordable option for home purchases. This includes mortgage options, tax credits for first time buyers, and down payment assistance grants.

You do have to use an approved lender to take advantage of this program, which you can get connected with here.

What does TSAHC offer?

TSAHC gives Greater Houston area residents access to Down-Payment Assistance grants up to 5% of the sale price of your home. This means you could get a grant of $10,000 to purchase a $200,000 home!

This 5% grant actually comes as a forgivable loan. When you purchase the house, TSAHC will give you a loan to cover your down-payment. This loan will then be forgiven after you live in the home for 3 years.

First time buyers may also qualify for the Mortgage Credit Certificate Program (MMC). This MCC is a mortgage interest tax credit that reduces the amount of federal income taxes you pay every year.

Who Can Take Advantage of the TSAHC Program?

The great thing about the TSAHC program you do not have to be a first time buyer! BUT, the TSAHC program does have credit score and income requirements.

First, your FICO credit score will need to be above 620. (Not sure what your credit score is? You can use a site like Credit Sesame to pull your credit report for free.)

Second, there are income requirements that vary by county. For Galveston, Harris, and Fort Bend county, borrowers must make less than $90,620/year.

If you planning to purchase a home in Brazoria County, the income limit is a little higher at $116,840/year.

Third, not all lenders are approved for this loan program. You will have to use a TSAHC approved lender (found below).

How To Apply for the TSAHC Program:

To get started, you can take our TSAHC eligibility quiz here.

After answering a few simple questions, qualified buyers will be connect with approved local lenders.

You can also check out our recommended lenders list here to contact an approved lender directly.

Best First Time Buyer Program for Vets

No two ways around it, being a Vet has some nice perks when it comes to Mortgages!

By far the best route for saving money at closing is a VA loan. VA Loans are backed by the Department of Veteran Affairs for anyone who has served or is presently serving in the US Military.

The biggest benefit for those who qualify for a VA loan is the minimum required 0% down payment.

But the real question here is which mortgage lender is going to give you the best closing costs?

What does the ZeroPlus Program offer Vets?

No doubt about it, if you are going to use a VA loan, your biggest expense will be lender fees paid for at closing. And not all lenders charge the same amount in fees to originate a loan for you.

And this is the where the ZeroPlus Program by Keller Mortgage is so beneficial for vets!

The thing I love about the ZeroPlus Program is it waives all typical lender fees! Plus, you will get an additional $1,000 closing credit for purchases over $150,000! Plus, a discounted interest rate.

Check out these savings below.

As you can see, a 0% down payment with waived lending fees is defiantly the best way to go for a VA loan!

Who Can Take Advantage of the ZeroPlus Program?

Really, anyone can use the ZeroPlus Program. Keller Mortgage offers a variety of loans you can apply for including Conventional, FHA, Jumbo, and of course, VA Loans.

However, to qualify for a VA loan you will need to prove service in the US Military.

The ZeroPlus program is also only available through Keller Williams agents (like us). This means you will need to be working with a Keller Williams agent to take advantage of this program.

How To Apply for the ZeroPlus Program:

In order to take advantage of the ZeroPlus program, you must work with an agent who is partnered with Keller Williams (like us).

To start your application with a Friday real estate agent, simply click here.

After you create an account, one of our agents will reach out to help you get started!

Best First Time Buyer Program for Teachers

As a former teacher myself, I know how hard it is to purchase your first home as a teacher.

Luckily, if you are a teacher or administrator with at least 2 years experience in public school, there is a 0% down-payment program for you.

This is Teacher Mortgage Program is offered through Gulf Coast Educators Federal Credit Union.

What does the GCEFCU Teacher Mortgage offer?

The GCEFCU Teacher Mortgage offers teachers and administrators a mortgage option with no down-payment or PMI (Private Mortgage Insurance) requirements!

This means you can save a money on closing costs and your monthly mortgage payment!

Who Can Take Advantage of the GCEFCU Teacher Mortgage?

In order to take advantage of the GCEFCU Teacher Mortgage program, you must be a current teacher or administrator with at least 2 years of teaching experience in public schools.

GCEFCU will also require a credit score above 680 and a debt to income ratio under 45%.

Additionally, there is a maximum loan amount of $300,000.

How To Apply for the GCEFCU Teacher Mortgage:

To apply for this mortgage program you simply need to visit the GCEFCU website here.

Best First Time Buyer Program for High Income Buyers

If you don’t fit into any of the programs already mentioned, don’t worry, you still have a few money saving options!

As I mentioned earlier, you still have our in house First Time Buyer Program as there are no income requirements. This will give you a credit for to help with closing costs/down-payment up to $1,000.

But we can also help you save even more money with our ZeroPlus Lending Program through Keller Mortgage.

These 2 programs together can save you an average of $6,000.

What does the ZeroPlus Lending Program offer?

Typical lenders will charge you a varying amount of fees to originate your loan. This includes origination, processing, and an underwriting fees.

The amount you pay in mortgage fees will vary depending on the sale price of your home but on average, this is about $4,500 in fees typically paid at closing.

ZeroPlus waives all of these fees. Plus, you will get a $1,000 credit on any purchase over $150,000.

Take a look at the charge below to get a better idea of how much you could save with our ZeroPlus program.

But, don’t forget to add an additional $1,000 First Time Buyer Credit if you are working with one of our agents!

Who Can Take Advantage of This Program?

Anyone. But because the ZeroPlus program waives all typical lender fees they will take less risks when approving your mortgage.

If you want to see if you qualify for a ZeroPlus mortgage, simply start your application here. This can typically be completed in less than 7 minutes.

How To Apply for ZeroPlus and the Friday First Time Buyer Program:

Houston residents can take advantage of our First Time Buyer Program by simply taking our short eligibility quiz here.

At the end of the quiz you can sign up for more information about our program and one of our agents will reach out to talk with you.

If you live outside of the Houston Area, we still might be able to help you. Just start a conversation with us in messenger by clicking here. Let us know where you are thinking about purchasing a home and we will connect you will a local expert agent.

Best Program for Building Credit and Savings

It’s no secret, the hardest part of buying your first house is building your credit and savings. At least it was for me.

And that is one of the biggest reasons I wanted to include the Credit Strong program in this article. Plus, I really wish I had known about this program before buying my first house.

In general, you will need a FICO credit score above 620 and at least $2,000 – $3,000 in your bank. So what if you could build both at the same time?

What if you could build your credit score by making “payments” into your savings account?

Well, that is possible with the Credit Strong Program from Austin Capital Bank.

What does the Credit Strong Program offer?

In short, the ability to build your credit quickly without going into debt. In fact you could raise your credit score by 100 points in the next 3 months.

When you open a Credit Strong account, you are actually getting an installment loan (like a car loan). But instead of giving you the money to spend (on say a car), they will put that money in a locked savings account.

Each month you make payment that go toward paying off your savings account loan. And each payment is reported to the credit bureaus to improve your credit.

But the best part? When you want your money back all you need to do is simply close your account. This is because all the payments you made went towards your savings account. You get all your money back (minus the interest on the loan of course).

Who Can Take Advantage of the Credit Strong Program?

Anyone! There are no credit requirements or upfront payments required.

How To Apply for the Credit Strong Program?

Getting started is very simple. To open an account or to learn more about the Credit Strong program, just visit their website: www.creditstrong.com

Final Words on First Time Buyer Programs for Houston Residents

You just learned about 6 of the best programs out there for first time home buyers. Especially if you live in the greater Houston area.

If you are thinking about purchasing your first home soon, make sure to give us a call so we can help guide you through the process and help you find the best options out there!