MyHome Plus

What is MyHome Plus?

MyHome Plus is a forgivable loan for homebuyers in Statewide, Texas.

• MyHome Plus is SETH's lower-FICO statewide DPA option. Provides a 30-year fixed-rate first mortgage with up to 5% DPA as a 3-year forgivable second lien. Designed as an alternative to 5 Star for borrowers in the 620-639 FICO range. Available statewide except for HFC-restricted areas.
• Southeast Texas Housing Finance Corporation's (SETH) MyHome Plus program provides a 30-year fixed-rate first mortgage paired with up to 5% DPA structured as a 3-year forgivable second lien (0% interest, no monthly payments, forgiven after 3 years of owner occupancy). MyHome Plus has a slightly lower minimum FICO (620) than 5 Star (640) and similar income limits. No FTHB requirement. Stackable with MCC when offered.
• Funding comes from SETH TBA execution / capital markets.

How much assistance does it provide?

MyHome Plus provides assistance worth 5% of the purchase price, as set by the program.

• Buyer contribution: No minimum borrower contribution required by SETH.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

MyHome Plus is forgiven after 3 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Forgiven after 3 years of continuous owner occupancy and due upon sale, refinance, payoff, or non-occupancy within the 3-year period.
• 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?

MyHome Plus is open to buyers who will live in the home as their primary residence.

What are the income limits?

MyHome Plus limits household income to $181,950.

• The limit applies to total household income, not only the borrower’s.
• 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?

MyHome Plus caps the purchase price as follows: No SETH-imposed sales-price cap (subject to FHA/VA/USDA county loan limits and conforming conventional limits).

• Eligible property types include Single-family detached, townhomes, condos meeting agency approval, eligible PUDs, eligible manufactured homes.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

MyHome Plus names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native buyers, educators, law enforcement officers, firefighters, healthcare workers, and buyers with disabilities 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?

MyHome Plus serves buyers purchasing in Statewide, Texas.

How do you apply?

Applications for MyHome Plus 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 homebuyer education required (online or in-person).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Lenders reserve via SETH online portal on first-come, first-served basis, 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.