Homeownership is a cornerstone of the American dream, and for many Texans, the path to achieving this dream has just become a little smoother. The HomeReady® Special Purpose Credit Program (SPCP) is a pilot program designed to help first-time homebuyers in select Texas metropolitan areas reach their homeownership goals.

What is the HomeReady SPCP?

The HomeReady® SPCP is a program that offers financial assistance to eligible first-time homebuyers in the form of grants, home warranty coverage, and appraisal cost reimbursements. This program is specifically targeted towards individuals and families seeking to purchase their first home in one of the following eligible Texas metropolitan areas:

• San Antonio-New Braunfels
• Houston-Pasadena-The Woodlands
• Brownsville-Harlingen
• Dallas-Fort Worth-Arlington
• McAllen-Edinburg-Mission

What are the benefits of the HomeReady SPCP?

The HomeReady SPCP offers a range of benefits that can significantly reduce the financial burden associated with homeownership for first-time buyers. These benefits include:

• Up to $5,000 grant: This grant can be used to cover various down payment and closing costs associated with purchasing a home.

• Up to $500 towards a 1-year home warranty: A home warranty provides peace of mind by covering unexpected repairs and replacements.

• $500 towards appraisal costs: Appraisal costs are an essential part of the mortgage process, and this reimbursement can alleviate some of the financial strain.

Who is eligible for the HomeReady SPCP?

To be eligible for the HomeReady SPCP, you must meet the following criteria:

• Be a first-time homebuyer
• NO INCOME LIMITS NOW
• Purchase a one- to four-unit home, condominium, townhouse, or planned unit development within an eligible census tract
• Meet all other HomeReady mortgage program requirements

How to apply for the HomeReady® SPCP

The application process for the HomeReady SPCP is straightforward.  Just complete an application using TBD as your desired new home address on the application.  Complete the application and I will check your edibility for this program.  If it doesn’t work out for you, I have over 220 lenders I can shop for you to find you the best possible program.

Take the first step towards homeownership

If you’re a first-time homebuyer in one of the eligible Texas metropolitan areas, the HomeReady® SPCP could be the key to unlocking your dream of homeownership. Start your journey today by visiting our Purchase Assistant tool to learn more about this program and connect with a mortgage professional who can guide you through the process.

Together, let’s make homeownership a reality for more Texans.