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Last Updated March 2021
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Buying Your First Home in Texas

Date: March 29, 2021 | First Time Homeowners, Homebuying, Texas

Buying a home is a significant life event. No matter how many times you go through the process, purchasing a new house is an exciting turning point for your family. This is especially true for first-time homebuyers. Owning a home is part of the definition of the American dream, and selecting the right property takes time and attention to detail. The home buying process in Texas is unique, so if you are looking to purchase a home in the Lone Star State, it’s important to understand the qualifications.

In Texas, anyone who hasn’t owned a home in the past three years is considered a first-time homebuyer and there are grants and programs available to help qualified buyers purchase their first home. Texas is a wonderful, vibrant state full of culture, good food, fantastic scenery, and beautiful weather. It truly is an ideal place to live.

How To Buy Your First Home in Texas

The process to buy a home in Texas sounds relatively straightforward, though it requires as much attention to detail and forethought as any other large purchase. There are several things to know before buying a house in Texas. The most important factor is location. It’s important to understand what kind of lifestyle you are seeking and do some research to find out what type of residential community will meet your family’s needs. When it comes to options, Texas offers it all.

If you’re looking for a lively, modern, fast-paced area, the city might be for you. If it’s a small-town community-feel you’re after, a rural or suburban community might be just right. Be specific about what you want before you search to ensure that you aren’t swayed by tempting promotions. After you’ve determined your desired area, begin to look at the area’s first-time homebuyer programs and grants. While the state has many options, individual cities may provide further assistance that could help you decide on one town over another.

Available Loans and Grants for the First-Time Homebuyer in Texas

While there may be local grant and loan programs to assist in your home purchase, the state offers several wonderful programs no matter where in Texas you choose to live. These programs are separate from mortgage financing options and can help make the first-time purchase of a home more attainable for many families. The most prominent state programs are:

  • Texas Mortgage Credit Certificate Program. This program takes into account salary and purchase requirements but otherwise does not have restrictive standards. No credit score is required. This program allows participants to deduct their mortgage interest from their taxes, creating significant savings that could be the difference between choosing to buy and continuing to rent.
  • My First Texas Home Program. My First Texas Home Program, or FTHP, assists with upfront costs such as down payments, closing costs, and other loan expenses. This program does require that your mortgage comes from a certain list of lenders but opens opportunities for significant loan perks such as fixed-rate mortgages.
  • Homes for Texas Heroes. Even if you are not a first-time homebuyer, working in a certain field qualifies you to perks such as down payment assistance, fixed-rate mortgages, and forgivable second lien loans. Veterans, teachers, firefighters, EMT personnel, and correctional officers all may qualify.

Tips for Buying Your First Texas Home

Before beginning the home buying process, it’s best to be aware of how to avoid some common mistakes. These are the main things to know before buying a house in Texas:

  • Do your research. The best thing you can do is be sure you know what you want from your new home and where you need it to be located.
  • Apply to programs. If you aren’t sure if you qualify for a loan program, reach out and ask. There is no harm in asking questions, and it could save you lots of money.
  • Disclose your profession. Certain industries and military statuses qualify you for extra financial assistance. Don’t be shy telling loan program officers what you do!

Consider Pecan Square by Hillwood

With new homes from the $300s to $600s, Pecan Square by Hillwood is where like-minded homebuyers can thrive in a neighborhood that fits their needs and fosters a strong sense of community. Pecan Square by Hillwood is conveniently located in Northlake, TX, just 30 minutes north of Fort Worth and 20 minutes from Denton. Contact us to get started or take a virtual tour today! We are here to make the homebuying process in Texas easy and rewarding for you and your family.

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