TSAHC Conventional Purchase - Median Income
Best For: First Time Homebuyers, Low Credit Scores
Conventional option for Texas residents seeking down payment help and making above 80% AMI, offered by the Texas State Affordable Housing Corporation.
This loan program is not available in USA
Program Description
Can be combined with TSAHC's (Texas State Affordable Housing Corporation) down payment assistance programs "Home Sweet Texas Home" or "Homes for Texas Heroes". Texas residents with income above 80% AMI can get access to up to 5% down payment assistance in the form of a 30-year deferred payment repayable second mortgage.
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TSAHC Conventional Purchase - Median Income
Min. Credit Score
640
Min. Down Payment
3%
Max Loan Amount
$726,200
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Higher income limits than the low income conventional option
- Available in all of Texas
- Assistance available, up to 5% of the first loan amount
- Higher mortgage insurance cost than the low income conventional option
- Rarely used as a standalone program
- Subject to purchase price limits when combined with MCC
Program Availability
TSAHC Conventional Purchase - Median Incomes are available in 1 state.
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“The TSAHC conventional median income option comes in handy when using one of their down payment assistance programs and your income exceeds the low income conventional program."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
55.00%
Purchase Price Limit
No Limits
Income Limit
$106,625 - $141,500
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Conventional loan program option from TSAHC with higher income limits
- Credit scores as low as 640
- Can be combined with "Home Sweet Texas Home" and "Homes for Texas Heroes"
Additional Conditions
- Buyers must meet program guidelines, complete homebuyer education courses, occupy the property as a primary residence, and not exceed the county income limits
- Can be combined with TSAHC's Mortgage Credit Certificate (MCC), but the program then becomes subject to purchase price limits
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class may be required for this loan program.
Class Name: Framework® Homebuyer Ed
Framework Homebuyer Ed satisfies the homebuyer education requirement for Fannie Mae, Freddie Mac, and a variety of other lender's mortgage products (including this TSAHC program). The course costs around $75 and can be completed online.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this TSAHC Conventional MI program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
TSAHC Homes for Texas Heroes
|TSAHC Conventional MIUp to 5% down payment and closing cost assistance for Texas Heroes with no first time homebuyer requirement.
Max. Loan Amount
$726,200
Min. Credit Score
620
Min. Down Payment:
0%
TSAHC Home Sweet Texas Home
|TSAHC Conventional MIUp to 5% down payment and closing cost assistance for Texas homebuyers with no first time homebuyer requirement.
Max. Loan Amount
$726,200
Min. Credit Score
620
Min. Down Payment:
0%
Special Offers
Occasionally, there are special offers that can be added to this mortgage program that provide additional benefits, such as a reduction in your federal taxes (mortgage credit certificates), extra cash for your down payment, and more.
TSAHC Texas Mortgage Credit Certificate (MCC)
TSAHC's Texas Mortgage Credit Certificate is an interest tax credit that is used to reduce your federal income tax responsibility each year. They are specifically for first time homebuyers and must be paired with either TSAHC's Homes for Texas Heroes or Home Sweet Texas Home program.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
TSAHC Conventional Purchase - Low Income
Best For: First Time Homebuyers, Low Credit Scores
Conventional option for low income Texas residents seeking down payment assistance, offered by the Texas State Affordable Housing Corporation (TSAHC).
TSAHC FHA Purchase Loan
Best For: First Time Homebuyers, Low Credit Scores
FHA program for Texas residents seeking down payment assistance, offered by the Texas State Affordable Housing Corporation (TSAHC).
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* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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