March 21, 2016
Gordon Anderson (512) 475-4743
Public Inquiries: TDHCA Housing Resource Center 800-525-0657
- State housing agency launches homebuyer ed tool
- More informed consumers make more stable owners
- Course required for TDHCA homebuyer programs
State housing agency’s online homebuyer education tool takes the complexity out of home purchase process
(AUSTIN) — First time home buying is among the biggest and most complex decisions most of us will make in our lives. Besides the financial commitment, buying a home also comes with a whole new world of unfamiliar terms and responsibilities.
To help buyers navigating this maze for the first time, the Texas Department of Housing and Community Affairs (“TDHCA”) has launched Texas Homebuyer U, a free, online homebuyer education tool designed to give buyers a greater understanding of what to expect when buying a home and prepare them for the many new expenses and responsibilities that come with homeownership.
Texas Homebuyer U offers two courses: A comprehensive pre- and post-purchase tutorial; and an introductory course to the Department’s Texas Mortgage Credit Certificate (“TX MCC”) Program, one of TDHCA’s flagship homebuyer programs.
Earning a certificate of completion from Texas Homebuyer U opens the door to TDHCA’s homebuyer assistance program eligibility, and increases buyer’s chances of keeping their new home. Best of all, this initiative comes with the full backing of the State of Texas, and is available through the state housing finance agency’s website at MyFirstTexasHome.com.
Other organizations offer similar homebuyer education courses, but TDHCA’s online classes have a number of built-in advantages:
- Both courses are convenient, self-paced, and available online 24/7
- Other homebuyer education programs can cost as much as $99; TDHCA’s courses are FREE
- The TX MCC course is the only one like it in the state for this homebuyer program
- Both tools are mobile-friendly and available wherever an Internet connection exists
- The courses are provided by TDHCA, Texas’ only state housing finance agency
Since 1981, TDHCA has been the largest public-sector provider of homebuyer assistance in Texas.
Today, the Department’s mortgage products include:
My First Texas Home (“MFTH”) program, which offers expanded mortgage loan opportunities to qualifying first time homebuyers, including government and conventional 30-year, fixed interest rate mortgage loan options that can also include down payment and/or closing cost assistance;
An HFA Preferred™ conventional option under MFTH that is ideal for borrowers with limited funds for down payment and closing costs, and those who need extra flexibility on credit, income sources, or access to special options, including up to 97% loan-to-value (“LTV”) ratio with reduced rate mortgage insurance (“MI”). The MI can be canceled at 78% LTV, which can mean long-term saving for the borrower;
Texas Mortgage Credit Certificates (“TX MCCs”) offer a reduction in the buyers income tax obligation of up to $2,000 per year for the life of the mortgage loan, which means more cash available to be a responsible homeowner; and
A combo package that helps buyers maximize their home purchase benefits by combining Texas Mortgage Credit Certificates with a mortgage loan. It’s the best of both worlds!
All of TDHCA’s mortgage products are available through a network of participating lenders.
First time homebuyers interested in TDHCA’s mortgage products are encouraged to enroll in Texas Homebuyer U where class is always in session.
About the Texas Department of Housing and Community Affairs
The Texas Department of Housing and Community Affairs is committed to expanding fair housing choice and opportunities for Texans through the administration and funding of affordable housing and homeownership opportunities, weatherization, and community-based services with the help of for-profits, nonprofits, and local governments. For more information about fair housing, funding opportunities, or services in your area, please visit www.tdhca.state.tx.us or the Learn about Fair Housing in Texas page.
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