Step One

Open new document, any size you want and write some text on white background.

Step Two

Right click on Text Layer and rasterize layer. We will need this because we'll apply some filters later.

Step Three

Another right click on text layer and duplicate it. Then go to Filters > Artistic > Colored Pencil . Look at image which layer needs to be selected.

Filer > Artistic > Colored Pencil

Step Four

Next - you need to select the second(duplicated) text layer and Select It - CTRL + Right click on layer image . And then Color it to blue.

Step Five

Select again the second text layer ( duplicated, blue text ) and change blending mode to Overlay .

Merge down it. See image !

Step Six

Go to Filter > Brush Strokes > Crosshatch , change setting as i did - see image !

Step Seven

Now all we need to do is to go to Blending Options - Right click on layer and select Blending Options. Change them like i did - see image

Final result !

Click on final result to download the PSD file.