TEXAS - The Texas State Affordable Housing Corporation (TSAHC) is implementing important changes to its two down payment assistance programs, the Homes for Texas Heroes Home Loan Program and Home Sweet Texas Home Loan Program.
The changes listed below expand the programs to serve more low and moderate-income homebuyers and provide them with more options.
TSAHC's Down Payment Assistance programs can now be used for purchasing a home or refinancing an existing mortgage loan. Only standard, fully documented 30-year refinances are eligible. Streamlined or cash-out refinances are not eligible. All other program eligibility criteria, such as income limits, remain the same.
There are two rate and assistance options:
Option #1: Standard Rate
The homebuyer receives a low-interest mortgage loan and a grant (meaning no repayment or second lien) equal to 5 percent of the loan amount for down payment and closing costs.
Option #2: Lower Rate
The homebuyer receives an even lower interest mortgage loan and a grant (meaning no repayment or second lien) equal to 3 percent of the loan amount for down payment and closing costs.
The homes for Texas Heroes program now includes educators and veterans.
During the 83rd Legislative Session, the Texas Legislature passed Senate Bills 286 and 1553. This means the Homes for Texas Heroes Home Loan Program will continue.
Additionally, both bills add all professions previously eligible under TSAHC's Professional Educators Home Loan Program to the Homes for Texas Heroes Home Loan Program. Veterans have also been added to the Homes for Texas Heroes Home Loan Program.
“The changes we are implementing will give more low and moderate income families access to our down payment assistance programs,” said David Long, president of TSAHC.
The Texas State Affordable Housing Corporation (TSAHC) is a statewide non-profit organization created by the Texas Legislature, whose mission is to serve the housing needs of low-income Texans and other underserved populations who do not have comparable housing options through conventional financial channels.
Read more at TSAHC.