Frequently Asked Questions

1. What is HOYO? The Texas Home Of Your Own (HOYO) is a first time homebuyer program for people with disabilities and their families. HOYO provides down payment and closing cost assistance to qualified applicants.

2. How can I qualify? The applicant must have a disability, meet low income guidelines, purchase a home in the service area, be a first time homebuyer and have no other interest or ownership in another property/home.

3. I have owned a home before. Can I still qualify? A first time homebuyer is defined as someone who has not owned a home in the last three years.

4. How much down payment assistance can I qualify for?$15,000

5. Does the program cost me anything? Homebuyers are required to contribute some of their own funds to the down payment and are responsible for all upfront costs/fees such as property inspections, homebuyer education class fee, moving expenses, earnest money, etc.

6. Will I have to repay the assistance? Funding is currently being provided by the Texas Department of Housing and Community Affairs as a 10 year forgiveable loan. The loan would 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.

7. Can you send me an application? No. Anyone interested in the HOYO program must first attend an orientation in order to obtain an application.

8. How long will it take before I can buy a house? Time span varies for each individual, depending on credit status, ability to qualify for a mortgage loan, time spent completing a homebuyer class, time spent locating a home, etc.

9. Does Texas HOYO have its own housing development? No. Individuals must locate their own home per program guidelines.

10. Can I buy a condo with HOYO assistance? Eligible properties include a detached single family home, condo or single side of a duplex. HOYO does not provide assistance on homes built prior to 1978 and the home must meet minimum habitability standards.

11. Can HOYO build me a ramp or provide other modifications for accessibility? HOYO can assist homebuyers in locating other funds for home modifications.

12. Will HOYO assist me if I want to have a home built? Yes. Please contact HOYO for specific guidelines pertaining to new construction.