First Time Homebuyer's Program

What is First Time Homebuyer's Program?

First Time Homebuyer's Program is a grant for homebuyers in Texas City, Texas.

• Texas City FTHB grant up to $10,000 forgivable over 5 years; 30%-80% AMI Galveston County.
• City of Texas City's First Time Homebuyer's Program provides up to $10,000 as a forgivable grant (deferred forgivable second mortgage that fully forgives over 5 years) for FTHBs within Texas City limits. Funds may be applied to down payment, closing costs, prepaids.
• Funding comes from Local, HOME, and CDBG.

Do you have to pay it back?

First Time Homebuyer's Program is structured as a grant, so it is not repaid.

• Repayment is triggered by Forgivable grant - 20% per year over 5 years. Pro-rata recapture during forgiveness term.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

First Time Homebuyer's Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

First Time Homebuyer's Program limits household income to 80% of the area median income, which varies by county and household size.

• 30%-80% AMI Houston-The Woodlands-Sugar Land MSA: $19,900 (30% AMI floor) to $99,950 (80% AMI ceiling) by HH size.
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

First Time Homebuyer's Program caps the purchase price as follows: Per HUD HOME 95% area median Houston MSA.

• Eligible property types include Single-family detached, townhouse, condominium, PUD.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

First Time Homebuyer's Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

First Time Homebuyer's Program serves buyers purchasing in Texas City, Texas.

How do you apply?

Applications for First Time Homebuyer's Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved 8-hour homebuyer education required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply through City of Texas City Community Development., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.