What is a Mortgage Payment Made up of?Applying for a home loan can be intimidating; especially if it's your first time buying a home. It's not so scary once you break it down and know exactly what
Homes for Texas Heroes
The Texas State Affordable Housing Corporation wants to help our Texas Heroes get into the home of their dreams.
The state of Texas loves its heroes so much that Texas created a Down Payment Assistance Program specificially for our Texas Heroes.
The TSAHC (Texas State Affordable Housing Corporation) offers a down payment assistance program to Texas Heroes called Homes for Texas Heroes Loan Program. This loan program is a grant, which means it does not need to be re-paid ever. The grant ranges from 3% to 5% of the purchase price of the home.
The grant helps cover the down payment and in some cases, can help cover part of the closing costs as well. The Homes for Texas Heroes Loan Program is a 30-year fixed-rate loan with several rates and loan options available.
You do not have to be a first time home buyer to benefit from this program. You are not required to live in the home for any amount of time. (Some DPA programs require the purchaser to live in the home for 3,5, and sometimes, 10 years or the purchaser will have to repay the "grant.")
The minimum credit score to qualify for the Homes for Texas Heroes Program is a 620 FICO Score. For purchasers with a credit score between 620-639, there may be a .5% origination charge for the DPA program. FICO scores of 640 and above are not subject to an additinal origination fee.
For full definitions of Texas Heroes, click here.
For more information please send us a message, here!
As always, we are here to guide you through one of the bigget invesments of your life. We consult, educate, and advise to make your goals a reality!
David Thelen REALTOR®
The Thelen Group
THE LEADING KATY REAL ESTATE AGENT In the residential real estate market, Katy real estate agent, David Thelen, is renowned among colleagues and clients alike for his integrity, loyalty and professio....