Texas HOYO Program
Down Payment Assistance
The Texas Home Of Your own, or HOYO, program provides down payment and closing cost assistance to first-time homebuyers with disabilities. To qualify, the property must be located in Blanco, Bastrop, Burnet, Caldwell, Dallas, Fort Bend, Harris, Hays, Johnson, Montgomery, Parker, Tarrant, Travis of Williamson counties.
Who is eligible for this program?
To qualify for the Texas HOYO program, borrowers must:
- Be a person with a disability or have a family member with a disability
- Be eligible for a mortgage loan
- Not own any other property or homes
- Be a first time homebuyer, or not have owned property any time within the past three (3) years
- Use the funding for down payment and closing cost assistance
- Household Income Limit: $0
- Is this program for first time buyers only? Yes
Property Eligibility Requirements
- Homes located in Harris, Montgomery, or Fort Bend counties must be outside the city limits of Houston. Homes in Dallas, Johnson, Parker, or Tarrant counties must be outside the city limits of Dallas or Fort Worth to be eligible for the HOYO Program.
- Eligible property types include: detached single-family home, condo, or single side of a duplex. HOYO does not provide assistance on homes built before 1978, and the home must meet minimum habitability standards.
The funding provided to qualified buyers is a 10-year forgiveable loan, which must be repaid at the time of foreclosure, transfer of title, obtaining a home equity loan, and/or when the home is no longer considered the primary residence. There is no interest on the loan, and it depreciates 10% each year. The maximum assistance amount is $15,000.
- Benefit: Up to $15,000 funding in the form of a 10-year no-interest forgiveable loan.
- Loan Term: 10 years
- Homebuyer Counseling / Education is required to qualify for the Texas HOYO program.
- The homebuyer must occupy the property as their primary / principal residence.
Other Program Comments: Homebuyers are required to contribute some of their own funds to the down payment and are responsible for all upfront costs and fees.
If you have any additional questions regarding home mortgages, please contact a mortgage expert by filling out the form on the right or calling (512) 524-8077. You can also email Team@CandyBuzan.com.