Home Buyer Programs Your New Home Could Be Closer Than You Think

Dated: 02/20/2018

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On April 3, 2017, TSAHC (Texas State Affordable Housing Corporation), implemented several enhancements to our home buyer programs. These changes will make it easier for even more low and moderate-income home buyers to qualify for down payment assistance grants and mortgage credit certificates through TSAHC.

Want to know more?  Here's a breakdown of the changes and their benefits to our home buyers:

  1. Simplified income limits. The income limits for the Home Sweet Texas Home Loan Program (our non-profession specific program) now match the income limits for the Homes for Texas Heroes Home Loan Program. That means that low and moderate-income home buyers earning up to 115% of the area median family income can now qualify for our programs, regardless of their profession.  To see if you meet program income limits, take the eligibility quiz.

  2. Texas Heroes will receive a FREE Mortgage Credit Certificate (MCC).  First-time home buyers whose professions qualify them for TSAHC’s Homes for Texas Heroes Home Loan Program will receive a free MCC (a $500 savings!) if they use both our down payment and MCC assistance options.

  3. Lower minimum credit scores. Home buyers with credit scores as low as 620 can now qualify for our down payment assistance grants.  Note: There is a small origination fee charged to home buyers with credit scores between 620 and 639.  There is no origination fee for home buyers with a credit score of 640 or above.

  4. No Debt-to-Income (DTI) Requirements.  TSAHC no longer has a maximum DTI ratio for our down payment assistance grants.  This means that home buyers, regardless of their DTI ratio, can qualify as long as they are approved by the lender’s automated underwriting system (AUS). Click here to learn more about DTI ratios.  Note: Manually underwritten FHA loans are subject to a minimum 640 FICO score and maximum debt to income ratio of 43%.

To learn more about our home buyer programs, please visit www.readytobuyatxhome.com.

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