3% Down Payment Assistance Program Now Available
AUSTIN, Texas, March 15, 2011 /PRNewswire-USNewswire/ -- The Texas State Affordable Housing Corporation is pleased to announce a new, lower interest rate of 4.99% under its Single Family Mortgage Revenue Bond Program Series 2009A. In addition to this rate, a grant of 3% of the loan amount is provided for downpayment and closing cost assistance.
A $10,000,000 allocation at this new rate is available to be shared among the Professional Educators, Homes for Texas Heroes, and Home Sweet Texas Loan Programs.
In order to qualify, a homebuyer must be:
- A Professional Educator: Defined as 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;
- A Texas Hero: Defined as 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; or
- A family or individual at or below 80% of the Area Median Family Income (AMFI).
Additionally, a homebuyer must:
- Be a first-time homebuyer, have not had an ownership interest in any principal residence during the last three years, or purchasing a home in a targeted area;
- Reside in the State of Texas;
- Meet the income and home purchase price limits;
- Meet standard mortgage underwriting requirements which demonstrate credit worthiness;
- Occupy the purchased home as their primary residence; and
- Complete a HUD approved homebuyer education course prior to closing on the home loan.
Eligible homebuyers may apply directly through an approved participating mortgage lender in their area. The lender list is available on TSAHC's website at www.tsahc.org or by contacting the Corporation directly. This program is available statewide on a first come, first-served basis, to homebuyers who wish to purchase a newly constructed or existing home with a 30-year fixed rate mortgage loan.
Texas State Affordable Housing Corporation (TSAHC) is a non-profit organization created by statute (Texas Government Code, Chapter 2306, Subchapter Y, Sections 2306.551 et seq.) for the promotion of public health, safety and welfare through the provision of safe, decent and affordable housing for low-income Texans and other underserved populations. Through the development and administration of innovative and unique housing programs, TSAHC facilitates affordable housing primarily for Texans who do not have comparable options through conventional financial channels. All TSAHC programs are offered statewide, with special attention given to rural areas and other select target areas.
CONTACT: Paige McGilloway at (512) 477.3561
SOURCE Texas State Affordable Housing Corporation