McKinney’s New Pathways to Homeownership
The McKinney Housing Finance Corporation is thrilled to announce its collaborative initiative with the Texas Department of Housing and Community Affairs (TDHCA). Together, they are rolling out the Texas Homebuyers Program, a groundbreaking venture designed to benefit veterans and first-time homebuyers in the state of Texas.
The Offerings of the Texas Homebuyers Program:
- My First Texas Home: Exclusively tailored for veterans and those who are venturing into homeownership for the first time, this program aims to make the home-buying journey smooth and affordable.
- Bonus Gift Dollars: If you qualify, you’re in for a treat! This part of the program offers extra financial assistance to make your home purchase even more attainable.
- Texas Mortgage Credit Certificate Program: Are you a veteran? A first-time homebuyer? Or perhaps you haven’t owned a home in the past three years? If you answered yes to any of these, this program offers mortgage credit certificates to provide extra savings on your taxes.
Income and Purchase Limits: What McKinney Residents Need to Know
For all those interested, you’ll find comprehensive tables detailing income and purchase limits on TheTexasHomebuyerProgram.com. However, here’s a quick rundown:
Income Limit:
- For a household with one or two persons, the income should not exceed 100% of the area’s median family income, which stands at up to $103,100.
- For families of three or more, the income cap is slightly higher, at 115% of the area median family income, or up to $118,565.
Purchase Price Limit:
- For a single-unit property, the purchase price should not surpass $541,594.
- If you’re considering a two-unit property, the maximum allowable purchase price is $693,328.
This collaboration between McKinney Housing Finance Corporation and TDHCA aims to eliminate the hurdles often faced in the home-buying process. By offering a range of beneficial programs, they’re making homeownership more accessible and financially feasible for a wider range of people.
