This Article Is About TSAHC DPA Mortgage For Texas Home Buyers
Gustan Cho Associates have great news for our TEXAS HOME BUYERS! We now participate in the TSAHC program.
- TSAHC DPA Mortgage Program stands for Texas State Affordable Housing Corporation
- We are now approved and authorized to participate in every program they offer
- In this blog, we will detail homes for Texas Heroes Home Loan program and Home Sweet Texas Home Loan program, along with other programs they offer
In this blog, we will discuss TSAHC DPA Mortgage Programs for Texas Home Buyers
TSAHC DPA Mortgage Offers Two Types Of Assistance For Texas Home Buyers
Downpayment assistance will be provided as a grant.
- 30-year low-interest rate fixed loans will cover up to 6% of the loan amount
- The other type of assistance offered is called mortgage credit certificates
- These loan programs save home buyers thousands of dollars which specialty tax credits
Credit Score Requirements For All Mortgage Programs
More About The TSAHC DPA Mortgage Program
Below is the specific TSAHC DPA Mortgage Types available for Texas Home Buyers:
- As stated above the down payment assistance can be in the form of a grant
- This means you do not have to pay it back
- As long as you live in your home for at least 6 months, you will not need to pay the down payment assistance amount back
- If you use the bond program, you may be subject to recapture tax if you sell your home within nine years of purchasing
- Please click this link for more information – Recapture Tax
- TSAHC DPA Mortgage offers down payment assistance as a repayable loan
- You do not make payments on the down payment assistance portion, but the funds are due when you sell or refinance the property
- The loan is given at 0% interest with zero monthly payments
Texas Heroes Mortgage Program
Texas Heroes Home Loan program is similar to our Homes For Heroes Program at NEXA Mortgage, LLC, but only available in Texas
- This program is for Texas residents(current or future) who work as teachers, police officers, correctional officers, firefighters/EMS personnel, AND all veterans
- This program is a 30-year fixed mortgage loan where the down payment is a GRANT or REPAYABLE SECOND LIEN LOAN
- You can get up to 6% of the loan amount for the down payment and closing costs
- This program is available throughout the whole state but does have expanded income and purchase price limits in targeted areas
First time home buyers can also apply for the mortgage credit certificate (MCC), some restrictions apply.
TSAHC Home Sweet Texas Home Loan Program
This program is designed for low- and moderate-income levels.
- Very similar to the Texas Heroes program above
- 30-year fixed mortgage with several rates and options available
- Can also be a GRANT or REPAYABLE SECOND MORTGAGE
- Up to 6% of the loan amount
- You do not need to be a first-time home buyer
Contact us today for income limits in your area.
Mortgage Credit Certificates (MCC)
TSAHC offers a special tax credit that will reduce a home buyer’s federal income tax liabilities each year.
- This will help you instantly qualify for more home for debt to income purposes
- To receive a mortgage credit certificate, credit score and DTI requirements are based on AUS
- For more information on AUS please see our AUS BLOG
- Income limits to apply
- The Mortgage Credit Certificates are ONLY FOR FIRST TIMES HOME BUYERS
Please call us for more information.
Getting Started With TSAHC DPA Mortgage Programs?
- Take the eligibility quiz
- Contact Mike Gracz by calling 630-659-7644 or text us for faster response
- Attend a home-buying seminar course
- Or email us at firstname.lastname@example.org
TSAHC has made this process SIMPLE to use! For current interest rates please call Mike Gracz on 630-659-7644 or text for faster response. Or email Mike on email@example.com. This program is widely popular throughout the state of Texas. We are excited to be able to participate. TSAHC has made this program so easy to use that on average they approve the DPA or MCC within 48-72 hours. Using TSAHC does not add time to the mortgage process! Please reach out to us today for more details and to see which program will be the best fit for you!
October 20, 2019 - 3 min read