As we close out June as National Home Ownership Month, the Texas State Affordable Housing Corporation (TSAHC) wants to remind first-time homebuyers that they are now offering a rate reduction for three programs. This rate will continue for some time beyond the month of June. TSAHC is offering a 5 percent fixed rate mortgage loan for the Home Sweet Texas Loan, Homes for Texas Heroes and the Professional Educators programs. Also available is grant assistance for closing costs and down payments for eligible homebuyers. If you are thinking about buying your first Austin home, you might qualify for one of these programs.
A first-time homebuyer in this case is defined as someone who has not previously had an ownership interest in a principal residence in the past three years in a specific area. The home can be existing or new. The buyer must purchase the home with a 30-year fixed rate loan through the Veterans Administration (VA), Federal Housing Administration (FHA)or US Department of Agriculture (USDA) Rural Housing Service (RHS).
To qualify for any of these programs, the family or individual must reside in the State of Texas and be in the 80th percentile or below for the local Area Median Family Income (AMFI) level. The qualifying homebuyer must make the purchased home their primary residence. Additionally, the person making the purchase must complete a Housing and Urban Development (HUD) homebuyer education course before closing on the property and meet standard mortgage underwriting guidelines for creditworthiness.
In addition to meeting the above requirements, those interested in the homebuyers assistance program for Homes for Texas Heroes must work full time in the State of Texas as a paid emergency medical services worker, fire fighter, peace officer, public security officer, county jailer or corrections officer.
Those who qualify for the Professional Educator program must meet the basic requirements stated above and also be a full-time Texas school teacher or teacher’s aide in the classroom, a professor or faculty member in graduate or undergrad nursing or allied health sciences, or a school nurse, librarian or counselor.
For more information about the TSAHC first-time homebuyer programs, visit www.tsahc.org or call 1-888-638-3555. You can also apply for one directly through an Austin mortgage lender participating in these programs.