Down Payment Assistance
Single Family Mortgage Revenue Bond Program
Location Served: Texas
Provider: The Texas State Affordable Housing Corporation
Approved Lender: New American Funding – (512) 524-8077
The Texas State Affordable Housing Corporation is now offering a lower interest rate of 4.99 percent for those who qualify for the corporation’s Single Family Mortgage Revenue Bond Program Series 2009A. The TSAHC didn’t stop with the all-new, lower interest rate. They are also offering, in addition to the 4.99 percent rate, a grant of 3 percent of the loan amount to assist with the down payment and closing cost.
The Professional Educators, Homes for Texas Heroes, and Home Sweet Texas Loan Programs are all allowed to access the $10,000,000 allocation provided by the Texas State Affordable Housing Corporation at this new rate.
To qualify for the Single Family Mortgage Revenue Bond Program 2009A:
- Homebuyers must be an individual or family equal to or less than 80 percent of the Area Median Family Income (AMFI)
- Homebuyers may be Professional Educators, which is defined as a full time Classroom Teacher, Teacher Aide, School Librarian, School Nurse or School Counselor who is employed by a public school district within the state of Texas. Homebuyers may also be a full time faculty member of either an undergraduate or graduate professional nursing or allied health program in the State of Texas
- Homebuyers may be Texas Heroes, which is 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
In addition to the qualifications listed above, homebuyers must also:
- Purchase a home in the state of Texas
- Be a first-time homebuyer, or have not owned property in the past three years. Please note that if you are purchasing a home in a Targeted Area, the first-time homebuyer requirement does not apply
- Reside in the purchased home as a primary residence
- Meet the income and home purchase price limits
- Demonstrate credit worthiness by meeting the standard mortgage underwriting requirements
- Complete a HUD approved homebuyer education course prior to closing
To apply for a TSAHC 2009A mortgage, qualified homebuyers may do so directly through an approved participating lender. To find a TSAHC-approved lender in your area, visit the TSAHC’s website or contact the Corporation directly.