Texas State Affordable Housing Corporation (TSAHC)

TSAHC Highlights

  • 30 year fixed FHA, VA or USDA loan
  • 3% or 5% forgivable grant for down payment/closing costs
  • Easy to qualify
  • Affordable monthly payment
  • First-time home buyers and previous home owners can apply
  • Statewide program available anywhere in Texas


  • Loans & Down Payment Assistance

    The Homes for Texas Heroes and Home Sweet Texas Home Loan Programs are available for teachers, fire fighters, peace officers, veterans, and low and moderate-income homebuyers. These programs are available through a network of lenders across the state and all provide the following benefits:

    • A 30-year fixed interest rate mortgage loan
    • No upfront origination points charged to you
    • Net 3%, 4%, or 5% in down payment assistance
    • You do not need to be a first-time homebuyer
    • You do not need to live in the home for any set period of time

    Five options are available to help individuals purchase a home:

    Standard Assistance Options
    HFA Preferred ASSISTED Option
    HFA Preferred UNASSISTED Option
    Interest Rate and Granted Down Payment Assistance (DPA gift does not need to be repaid)
    • 4.75% with 5% Net DPA
    • 4.50% with 4% Net DPA
    • 4.25% with 3% Net DPA
    4.875% with 3% Net DPA 4.375%
    Type of Loan FHA, VA or USDA Conventional Conventional
    Minimum Down Payment Required 3.5%

    (FHA only – VA and USDA do not require a down payment)

    3.0%

    (Unlike traditional conventional loan that requires 5%)

    3.0%

    (Unlike traditional conventional loan that requires 5%)

    Available to Purchase a Home
    Available to Refinance Existing Mortgage
    FICO Score Requirements 640 680*

     

    680*

     

    Debt-to-Income 

    (DTI) Ratio Maximums

    45%** 45%** 45%**
    Upfront Mortgage Insurance Costs Yes No No
    Lower Monthly Mortgage Insurance Premiums/Costs No
    Mortgage Insurance Cancellable at 78% LTV No
    Property Types
    • New or existing single family homes
    • Duplexes or fourplexes
    • Condos and townhomes
    • Planned Unit Developments
    • Manufactured home
    • New or existing single family homes
    • Townhomes
    • Planned Unit Developments
    • New or existing single family homes
    • Townhomes
    • Planned Unit Developments
    Payment Comparison Chart View Chart View Chart View Chart

    – See more at: http://www.tsahc.org/homeownership/loans-down-payment-assistance#sthash.tJKapYq7.dpufTax Credit(mcc) can be added

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