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.

MyHome Plus is forgiven after 3 years, so a homebuyer 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.

MyHome Plus is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 620 minimum FICO for all loan products. A homebuyer education course is required, through HUD-approved homebuyer education required (online or in-person). Residency requirement: Property must be in Texas (excluding HFC-restricted areas) and occupied as primary residence. Citizenship or immigration status: U.S. citizen or qualified non-citizen per agency loan-product guidelines. 620 minimum FICO. Borrower must occupy as primary residence. 50% maximum DTI. No FTHB requirement. The 3-year forgiveness is contingent on continued owner occupancy. Program is available across most of Texas but excluded in certain HFC-restricted areas (City of El Paso, Grand Prairie, Travis County).

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.

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.

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

MyHome Plus serves homebuyers purchasing in Statewide, Texas.

Applications for MyHome Plus go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Lenders reserve via SETH online portal on first-come, first-served basis. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.