The Texas State Affordable Housing Corporation (TSAHC) is offering a grant to Texans interested in purchasing their first home
The programs will now offer a grant of 5% of the loan amount that the homebuyer can use towards down payment and/or closing costs. This grant is in addition to the programs' low fixed mortgage interest rate of 4.00%. This new grant amount is effective on the Home Sweet Texas, Professional Educators, and Homes for Texas Heroes Home Loan Programs.
Eligible homebuyers can apply directly through an approved participating mortgage lender. The program is available statewide on a first come, first-served basis, to homebuyers who wish to purchase a newly constructed or existing home. Qualifications for each of TSAHC's first-time homebuyer programs are:
- Professional Educators Home Loan Program: Must be a full time Classroom Teacher, Teacher Aide, School Librarian, School Nurse or School Counselor employed by a public school district in the state of Texas; or a full time faculty member of either an undergraduate or graduate professional Nursing or Allied Health program in the State of Texas.
- Homes for Texas Heroes Home Loan Program: Must be a full time paid Firefighter, Emergency Medical Services Personnel, Peace Officer, Corrections Officer, Juvenile Corrections Officer, County Jailer, or a Public Security Officer working in the State of Texas.
- Home Sweet Texas Home Loan Program: Must be a family or individual whose annual income is at or below 80% of their county's Area Median Family Income (AMFI). These values can be found here:http://www.tsahc.org/pdfs/2012_Income_and_%20Max_Purchase_Price_Limits.pdf Additionally, a homebuyer must:
- Be a first-time homebuyer, or not had an ownership interest in any residence during the last three years;
- Meet the income and home purchase price limits (see link above);
- Complete a HUD-approved homebuyer education course prior to closing on the home loan;
- Occupy the home as their primary residence; and
- Reside in the State of Texas.
Here is a list of approved mortgage lenders for the programs:http://www.tsahc.org/pdfs/2012_Lenders_List.pdf
It's a GREAT program for first-time homebuyers! They can take advantage of the programs while mortgage rates are still at historic lows!