News, opinions and answers to the most frequently asked questions in the Real Estate market.
This program provides 30-year fixed rate mortgage loans to eligible homebuyers wishing to achieve the American dream of homeownership. In addition to a low interest rate, these programs offer down payment and closing cost assistance in the form of a grant. These programs are available through a network of participating lenders across the state.
The current maximum interest rate on a 30-year fixed FHA, VA or USDA (RHS) mortgage loan is 5.0 %. This rate will provide a 5% grant for downpayment and closing costs assistance.
Under the Homes for Texas Heroes Program, the Texas Legislature defines a “Texas Hero” as one of the following:
Additionally, a homebuyer must:
Who is eligible for the programs?
The programs were created to provide affordable mortgage loans exclusively for Texas Professional Educators, Texas "Heroes", and low income Texans.
The definition of a Professional Educator is a public full-time classroom teacher, public full-time paid teacher's aide, public full-time librarian, public full-time counselor, or public full-time school nurse, or effective September 1, 2007, an allied health or professional nursing program faculty member .
Low income is defined as those individuals or families whose annual incomes do not exceed 80% Area Median Family Income. Incomes vary by county.
TSAHC offers two types of assistance:
You cannot apply for either type of assistance AFTER you have closed on your home loan. Assistance is only available during the home purchase or refinancing process.
You never have to pay a portion of TSAHC’s down payment assistance grant. It is a gift to you.
If you are a first-time home buyer, you may use both forms of assistance when purchasing your first home.
Additionally, TSAHC’s Homeownership Programs can be combined with other down payment assistance programs offered in the home buyer’s city or county.
TSAHC’s Homeownership Programs were created to provide affordable mortgage loans exclusively for “Texas Heroes" and low to moderate-income Texans. Take the Eligibility Quiz to see if you qualify.
You may use TSAHC’s Homeownership Programs to purchase a home anywhere in Texas. Our programs are not limited to certain areas or to TSAHC-specific homes. You many choose where you would like to live and the home you would like to purchase.
No, you are not required to stay in the home for any period of time. However, if you use TSAHC’s down payment assistance program prior to June 2012 or receive a TSAHC MCC you may be subject to Recapture Tax if you decide to sell your home within 9 years of purchase. Click here to learn more about Recapture Tax.
Yes, home buyers cannot exceed program income limits. Click here to view the income limit for the county you are purchasing your home in. If you do not see your county listed, please reference the “balance of state” row at the bottom of the chart. You can also take the Eligibility Quiz to see if your income exceeds our limits.
If you have more questions, please do not hesitate to Email me or contact me at 713-589-3234 for more information.
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