(AUSTIN) — The Texas Department of Housing and Community Affairs (TDHCA) has selected The Money Source (TMS) to act as servicer for all mortgage loans made through The Texas Homebuyer Program, which includes My First Texas Home and My Choice Texas Home programs. The Texas Homebuyer Program offers flexible down payment and closing cost assistance through its network of approved mortgage loan providers.

As part of the agreement, TMS will be responsible for servicing both bond-funded and To Be Announced (TBA) mortgage loans administered by The Texas Homebuyer Program starting February 3, 2025. 

“TDHCA anticipates the partnership with TMS will result in many benefits for potential homebuyers, our lender network, and to the state,” said Scott Fletcher, TDHCA’s director of bond finance. “In signing this agreement, the Department expects an enhanced experience and process for our lenders and improved terms and rates for qualified low and moderate-income homebuyers.”

TMS, the 4^th largest GNMA subservicer in the country, guarantees a 24-hour turnaround time for initial funding review, accepts FICO scores as low as 620 without Debt-To-Income (DTI) restrictions, and utilizes  proprietary servicing technology which helps prevent low-to moderate-income homebuyer delinquencies.

TDHCA currently administers approximately $9 billion in mortgage loans. Offering flexible down payment and closing cost assistance, The Texas Homebuyer Program’s My First Texas Home features a 30-year, low-interest rate mortgage for first time homebuyers, or the My Choice Texas Home that features the same options for mortgage loans, down payment and closing cost assistance for repeat homebuyers. More information can be found at www.thetexashomebuyerprogram.com.