This guide covers TSAHC DPA Mortgage for Texas homebuyers. Gustan Cho Associates has great news for our TEXAS homebuyers! We now participate in the TSAHC DPA mortgage program for Texas homebuyers. TSAHC DPA mortgage program stands for Texas State Affordable Housing Corporation.
Gustan Cho Associates is now approved and authorized to participate in the TSAHC DPA Mortgage Program in Texas.
In the following paragraphs, we will detail the Homes for Texas Heroes Home Loan program, Home Sweet Texas Home Loan program, and other programs they offer. This blog will discuss TSAHC DPA Mortgage Programs for Texas homebuyers.
TSAHC DPA Mortgage Offers Two Types of Assistance For Texas Homebuyers
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 with specialty tax credits.
Credit Score Requirements For All Mortgage Programs
More About The TSAHC DPA Mortgage Program
Below are the specific TSAHC DPA Mortgage Types available for Texas Home Buyers:
NON-BOND TSAHC DPA Mortgage Program
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 six months, you will not need to pay the down payment assistance amount back.
TSAHC DPA Bond Mortgage Program
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 SECOND LIEN Mortgage Program
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 whose down payment is a GRANT or REPAYABLE SECOND LIEN LOAN.
You can get up to 6% of the loan 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. It is very similar to the Texas Heroes program above. A 30-year fixed mortgage with several rates and options available. It 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 to reduce a home buyer’s federal income tax liabilities yearly. This will help you instantly qualify for more homes for debt-to-income purposes. To receive a mortgage credit certificate, credit score, and DTI requirements are based on AUS. Please see our AUS BLOG – income limits to apply for more information on AUS. The Mortgage Credit Certificates are ONLY FOR FIRST-TIME HOME BUYERS. Please call us for more information.
Getting Started With TSAHC DPA Mortgage Programs?
- Take the eligibility quiz.
- Contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response.
- Attend a home-buying seminar course
- Or email us at gcho@gustancho.com
TSAHC has made this process SIMPLE to use! For current interest rates, please call us at Gustan Cho Associates at 262-716-8151 or text for faster response. Or email us at Gustan Cho Associates at gcho@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 contact us today for more details and see which program will be the best fit for you!
The lender I’m working with has my DTI maxed out to qualify me for the loan I need. I mentioned the Home Sweet Texas program and he said that this program could force them to lower my DTI which would mean less money I would be approved for. Do you know if the program requires a certain DTI or should I start looking for a new lender? Thank you for your time!
Have a Medical Judgement, good credit and great income all tax-free, I am Judgement Proof! I want to purchase a home in Florida and I know I can claim Homestead Exemption which would protect any home I purchase through my VA entitlement!