September 25, 2012 – (RealEstateRama) — State Representative Eddie Lucio III announced the extension the Texas State Affordable Housing Corporation’s (TSAHC) down payment assistance programs to current homeowners and those who previously owned a home.
“This is certainly welcome news for families in our area who have been working hard towards the dream of home ownership,” said Rep. Eddie Lucio III. “I encourage qualifying home buyers to utilize this enhanced program.”
Existing or previous homeowners and first-time home buyers ready to purchase a home can take advantage of the program’s low fixed mortgage interest rate of 3.75% and a down payment assistance grant equal to 5% of their loan amount.
“We are excited to be able to offer our down payment assistance programs to even more families,” said David Long, president of TSAHC. “Current homeowners or those who previously owned a home and didn’t qualify as a first-time home buyer can now take advantage of this program to purchase a home.”
The first-time home buyer requirement is still part of TSAHC’s Mortgage Credit Certificate Program (MCC) which provides home buyers with an annual federal tax credit of up to $2,000 a year and is based on mortgage interest paid annually. However, eligible first-time homebuyers can now take advantage of both the MCC Program and the down payment assistance programs.
“This is a terrific new opportunity for eligible first-time home buyers,” said Mr. Long. “They can take advantage of the down payment assistance when they purchase their first home and benefit from the annual tax credit with TSAHC’s MCC program.”
Qualifications for each of TSAHC’s homebuyer programs are:
Professional Educators Home Loan Program: Must be 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.
Homes for Texas Heroes Home Loan Program: Must be 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.
Home Sweet Texas Home Loan Program: Must be a family or individual whose annual household income is at or below 80% of the area median family income (income limits available at www.tsahc.org).
Additionally, a homebuyer must:
Meet minimum credit requirements;
Meet income and home purchase price limits (available at www.tsahc.org);
Occupy the purchased home as their primary residence;
Complete a HUD approved homebuyer education course prior to closing on the home loan; and
Reside in the State of Texas
Eligible homebuyers can apply directly through a participating mortgage lender listed on TSAHC’s website at www.tsahc.org or can contact TSAHC directly at (888) 638-3555.
Room E2.510, Capitol Extension
P.O. Box 2910
Austin, TX 78768
(512) 463-0660 Fax
1906 E. Tyler Ave. Suite F-2
Harlingen, TX 78550