June is National Homeownership Month and the City of Arlington, in collaboration with the Arlington Board of Realtors, wants prospective home buyers to know there are several helpful mortgage products to help them achieve their dream of homeownership.

This and every month, the following home buying resources are available-from traditional 30-year fixed rate loans with down payment and closing cost assistance, to mortgage credits, and a combination of the above.

Home Buying Resources

Arlington Homebuyer Assistance Program provides down payment and closing cost assistance to low income, first-time homebuyers. Assistance is provided in the form of a forgivable loan of up to $7,500 for down payment and closing cost assistance.

Arlington Housing Finance Corporation Mortgage Credit Certificate (MCC) Program is a federal income tax credit designed to assist persons become homeowners. With an MCC, the qualified homebuyer is eligible to write off a portion of the annual interest paid on the mortgage as a special tax credit, not to exceed $2,000. An MCC is a true "tax credit" that entitles taxpayers to subtract the amount of the credit from their total federal income tax liability.

Arlington Housing Authority Housing Choice Voucher Homeownership Program assists Housing Choice Voucher program participants' transition from rental housing to homeownership.

Texas Department of Housing and Community Affairs (TDHCA)-Administered Programs:

Texas Mortgage Credit Certificates: Offers a reduction in the homebuyers' income tax obligation of up to $2,000 per year for the life of their mortgage loan.

My First Texas Home: Offers mortgage loans, and down payment and closing cost assistance, expanded mortgage loan opportunities to qualifying veterans, first time homebuyers, and those who have not owned a home in the past three years. The program also offers government and conventional mortgage loan options at 30-year, fixed rates that can also include down payment and/or closing cost assistance.

New Housing Finance Agency (HFA) Preferred™: Provides flexibility for homebuyers. Launched in 2014, Fannie Mae's new HFA Preferred™ mortgage product is ideal for borrowers with limited funds for down payment and closing costs, and those needing extra flexibility on credit, income sources, or access to special options, including up to 97% loan-to-value (LTV) ratio with reduced rate mortgage insurance (MI). The MI can be cancelled at 78% LTV, which can mean long-term savings for the borrower. (HFA Preferred™ is an unregistered trademark of Fannie Mae).

Credit and Loan Combo: Maximizes your home purchase benefits by combining Texas Mortgage Credit Certificates (MCCs) with a mortgage loan.

TDHCA is waiving certain fees associated with these programs during for the month of June 2015

Ask any participating lender about TDHCA's homebuyer assistance programs. Visit their site for more information.