TSAHC DPA Mortgage Program For Texas Home Buyers

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:

NON-BOND:

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

BOND:

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

SECOND LIEN:

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

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 mike@loancabin.com

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 mgracz@gustancho.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!