How the Texas First Time Home Buyer Program Works

Mortgage and Lending with Service First Mortgage, NMLS #166487 NMLS 217454

If you’re a first-time home buyer, the prospect of owning your first house is exciting and perhaps even daunting. There are several items to consider such as landing a good real estate agent, searching for the right home, and applying for a mortgage loan and getting approval. Another aspect of the process to consider is finding a home that fits within your budget as well as determining if you have sufficient money to cover the down payment and closing costs, which are some of the largest expenses for Texas first time home buyers.  Interlinc Mortgage Services, LLC offers qualified home buyers loan programs with up to 6% of the loan amount as assistance towards down payment and closing cost. 

First Time Home Buyers Texas Specialist


The entrance of big companies like Toyota and Liberty Mutual into the Plano and Frisco Texas area means great things for the local economy. What it also means is the potential for rising housing prices, as more and more people move into the DFW area, creating a possible housing shortage. This is good news for existing homeowners interested in selling, but concerning for first-time home buyers.


The Texas State Department of Housing and Urban Affiars (DHUA) sponsors several programs which allows qualified Texans access to competitive interest rate home loans and down payment and closing cost assistance. Homebuyers who meet the following minimum requirements are eligible to apply for a loan under the program:

•                 First time homebuyers or a homebuyer who has not owned a home as primary residence within the past three years;

•                 Homebuyer(s) income does not exceed program's income limit guidelines

•                 Purchase price of home does not exceed program's purchase price limit guidelines

•                 Government Loans (FHA, VA, USDA):

•                 Minimum 640 FICO Credit score;

•                 Max DTI - 45%

•                 Minimum 640 for LTVs 95% or lower;

•                 Minimum 680 for LTVs 95.01-97%


InterLinc offers a number of other programs that can assist the first-time home buyer -- all designed to educate home buyers on their responsibilities and to help them into homes they can afford.  The U.S.  Dept.  of Housing and Urban Development (HUD) lists several options on its website, ( These include first-time home buyer programs and loans with little to no down payment requirements, programs specific to veterans; and programs that give homeowners money back every year in the form of tax credits.


The first step in buying a home is to visit with The Richard Woodward Team and InterLinc Mortgage. They will look at your financial situation (including any credit issues) and help you come up with the best financing plan to get your family into a home of your own. We have helped thousands of first time home buyers build wealth and financial security with a home of their own.  We can help you too!




For more information, please contact: 

The Richard Woodward Mortgage Team at (214) 945-1066 or start the process online.

There is never a cost to receive your free Pre-Qualification!


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Richard Woodward, NMLS 217454

Your Local, Direct, 5 Star Rated Mortgage Lender

Office:  (214) 945-1066

Interlinc Mortgage Services, LLC., NMLS 205696

7711 San Jacinto Place, Ste 100 Plano, Texas 75024


Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. InterLinc is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.


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Richard Woodward NMLS#217454

Service Beyond Expectations! Your Texas Lender
7711 San Jacinto Place, Ste 100 Plano, Texas 75024