Austin, TX – June 11, 2010 – (RealEstateRama) — The Texas State Affordable Housing Corporation (TSAHC) honors National Homeownership Month by announcing a rate reduction for our First-time Homebuyer Programs which help families achieve their dream of homeownership.
TSAHC’s three homebuyer programs, the Professional Educators, Homes for Texas Heroes and Home Sweet Texas Loan Programs, are now offering a 5% fixed rate mortgage loan, down from 5.25%. The programs still provide down payment and closing costs assistance (3% of the mortgage loan amount) in the form of a grant to eligible homebuyers across Texas
“National Homeownership Month reminds us that homeownership is still the cornerstone of the American Dream,” said David Long, President of the Texas State Affordable Housing Corporation. “We lowered the interest rate for our programs because we want to make the path to homeownership more affordable for the families we serve.”
In order to qualify, homebuyers must be:
- A family or individual at or below 80% of the Area Median Family Income (AMFI).
- 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; or
- 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.
Additionally, the homebuyer must:
- Be a first-time homebuyer who has 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 (available at www.tsahc.org);
- 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 can apply directly through a participating mortgage lender in their area. The lender list is available at www.tsahc.org or by contacting TSAHC directly 1-888-638-3555. 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 FHA, VA or USDA (RHS) mortgage loan.
Texas State Affordable Housing Corporation (TSAHC) is a non-profit organization created by the Texas Legislature 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.
Janie Taylor (512) 477.3563