Where is this program available in Texas? No, this grant program is not limited to just first-time homebuyers. The home must be located in Texas however, the following communities are not participating in the grant program: Travis County (Austin), and the cities of El Paso, Grand Prairie and McKinney.ĭo I have to be a first-time homebuyer to participate in this program?.Conventional, VA, and USDA Purchase Price Limit: $453,100.The purchase price may not exceed certain limits depending on the county in which the home is located, and the type of loan for which you qualify.A new or existing single-family home that you will occupy as your primary residence.You do not have to be a first-time homebuyer.You must be approved for a 30-year FHA, VA, USDA or Conventional mortgage loan.Contact a Participating Lender for information about eligible courses. You must complete an eligible homebuyer education course online or in person.Your annual income must be below certain limits depending on the county in which the home is located.The credit score your lender uses to qualify you for the mortgage loan must be 620 or higher. In addition, there are no additional closing costs associated with the program. The Loan Star Program is not a loan, it is a grant, so it never has to be repaid. The grants range from 1% to 5% of the amount of the homebuyer’s mortgage loan, and can be applied toward the required down payment and/or closing costs. Partnered with the Homeownership Across Texas (HAT), City Bank is able to provide grants to help qualified homebuyers reduce the amount of money they pay out-of-pocket to purchase a home. City Bank Mortgage is excited to announce the partnership with an organization called Homeownership Across Texas (HAT).
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