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Texas housing authorities offer $45 million to first-time homebuyers

Texas is trying to make buying a new home easier for first-time buyers.

Texas is trying to make buying a new home easier for first-time buyers.

Moving into a home can be an expensive proposition, especially if that home is a couple's or individual's first. Aware of these financial difficulties, a Texas housing agency wants to offer a helping hand.

According to the Texas Department of Housing and Community Affairs, $45 million in mortgage credit is being released through the organization's Texas Mortgage Credit Program. The savings would come through tax credits on $150 million worth of mortgage loans.

Prospective first-time homebuyers can cash in on the tax credit by completing a certified homebuyer education class. That distinction is waived, however, for qualified veterans of the armed forces and for residents whose homes were impacted by natural disasters.

"Despite all the negatives we hear from other states, the fact is that the Texas economy - and the demand for home ownership - both remain quite healthy," said Michael Gerber, TDHCA's executive director.

Indeed, according to the state's biennial review estimate, released by the Texas comptroller, the Lone Star State's economy is expected to increase 2.6 percent this year, 2.8 percent in 2012 and 3.4 percent in 2013.