TSAHC Homes for Texas Heroes
Best For: Low Down Payments, Zero Down
Up to 5% down payment and closing cost assistance for Texas Heroes with no first time homebuyer requirement.
This loan program is not available in USA
Program Description
Up to 5% down payment and closing cost assistance for Texas Heroes (see applicable job types in conditions section) in the form of either a 3-year forgivable second mortgage or a grant. The deferred payment option generally offers lower interest rates than the grant option. Homes for Texas Heroes offers competitive interest rates on a 30-year fixed rate home loan from the Texas State Affordable Housing Corporation (TSAHC).
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
TSAHC Homes for Texas Heroes
Min. Credit Score
620
Min. Down Payment
0%
Max Loan Amount
$571,550
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.
Program Benefits
Benefit type: Up to 5.00% of 1st Loan Amount
Type: Bond Deferred Payment Program - Forgivable
The Homes for Texas Heroes program offers two options, either a 3-year forgivable second mortgage or a grant. The deferred payment option generally offers lower interest rates than the grant option.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
- TSAHC USDA Purchase Loan
- TSAHC VA Purchase Loan
- TSAHC Conventional Purchase - Low Income
- TSAHC Conventional Purchase - Median Income
- TSAHC FHA Purchase Loan
- Travis County HFC Conventional Loan
Pros & Cons
- Assistance available, between 2% and 5% of the loan amount
- Available in all of Texas
- Forgivable and repayable assistance options
- No purchase price limits
- Subject to county income limits
- No Mortgage Credit Certificate (MCC) combo option
Program Availability
TSAHC Homes for Texas Heroess are available in 1 state.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“This program can be combined with FHA, VA, Conventional and USDA programs, and offers up to 5% of the first loan amount, regardless of the program it is combined with. There are special discounts available to Heroes only!"
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 - $149,000
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.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- A grant or deferred second, worth up to 5% of the home's loan amount
- Funds may be used for closing cost and/or down payment assistance
- Must work in one of the approved fields of professions
Additional Conditions
- Buyers must meet program guidelines, complete home buyers education course, occupy as primary residence, and not exceed the county income limits
- Available for public school teachers, corrections officers, EMS personnel, fire fighters, police officers, school librarians, school counselors, school nurses and veterans/active-duty military
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 is 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.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
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% 1%
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.
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 Home Sweet Texas Home
Best For: Low Down Payments, Zero Down
Up to 5% down payment and closing cost assistance for Texas homebuyers with no first time homebuyer requirement.
TSAHC Homes for Texas Heroes w/ MCC
Best For: Low Down Payments, Zero Down
Up to 5% down payment and closing cost assistance for Texas Heroes and a Mortgage Credit Certificate (MCC) for tax benefits.
Related Resources
2023 Down Payment Assistance Guide
Unless you're related to a dragon or leprechaun with a hoard of gold stashed away somewhere, chances are you are like one of the other 87% of homebuyers who need to finance their home purchase.
Read More
Calculate Income Limits Using Area Median Income
Income limits are used to determine whether or not a home buyer is eligible for certain mortgage programs, including down payment assistance programs or incentives that can help make home buying more affordable. It identifies the maximum income level set by each housing authority for its program participants, and varies from county to county across the US. Often, the tool used to establish this maximum income level is often called Area Median Income, or AMI.
Read More
Texas Home Buyer Education Classes
Purchasing your first home is a big milestone and the process can seem overwhelming. Before you begin looking for a home, it is a good idea to complete a homebuyer education course.
Read More
Four Professions That Put You on the Fast Track to Home Ownership
Which professions offer programs? More than you’d think. There are many programs on a federal, state, and local level available to buyers in a wide range of professions across several core industries within our communities. While some are a little tighter on the eligibility criteria than others, you might be surprised how many eligible positions are typically included in many of the programs for the following:
Read More
VA Purchase : The Bottom Line
Are you a veteran, service member or military spouse considering purchasing a home? Here’s the bottom line on the VA loan – its background information, most notable products, common criteria and an expert analysis from our experienced team.
Read More
FHA Purchase: The Bottom Line
Considering going FHA? Here’s the bottom line on the FHA Loan – What it is, how to get one, why should you get one, along with its most notable products, common criteria and an expert analysis from our experienced team.
Read MoreVisit our Mortgage Education Center for more resources.
* 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
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch