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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).

TSAHC FHA Purchase Loan

  • Introduction
  • Quick Facts
  • Pros & Cons
  • Availability
  • Occupancy & Property Type
  • Income & Purchase Price Limits
  • Key Features & Conditions
  • Other Limitations
  • Mortgage Insurance & Fees
  • Grant, Bond & Other Add-On Programs
  • Special Offers
  • Similar Loan Programs
  • Related Resources

Program Description

TSAHC provides 30-year fixed interest rate FHA mortgage loans, down payment assistance grants, and mortgage credit certificates through their program. This option is offered through a network of approved mortgage lenders, and provides more flexible qualification guidelines than other first mortgage program options.

Tags
100% FinancingLow Credit ScoresState Housing Loan Program
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TSAHC FHA Purchase Loan

Min. Credit Score

620

Min. Down Payment

3.5%

Max Loan Amount

$472,030 - $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.

Pros & Cons
  • Assistance available, between 2% and 5% of the first loan amount
  • Available in all of Texas
  • Forgivable and repayable assistance options
  • Subject to income limits and purchase price limits when combined with MCC
  • Rarely used as a standalone program
  • Lower max loan amount than other TDHCA programs
Program Availability

TSAHC FHA Purchase Loans are available in 1 state.

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“For those home buyers that are in need of a little assistance in securing the property of their dreams, this FHA program from TSAHC may be the solution."

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.

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Key Features
  • FHA loan program option from TSAHC; easier qualification than other options
  • Lower credit scores allowed
  • 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.

Mortgage Insurance
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)

This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.

Funding Fee
Type: FHA UFMIP

The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.

Annual 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 FHA 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 FHA

Up to 5% down payment and closing cost assistance for Texas Heroes with no first time homebuyer requirement.

Max. Loan Amount

$472,030 - $571,550

Min. Credit Score

620

Min. Down Payment:

0%

Details
TSAHC Home Sweet Texas Home
|TSAHC FHA

Up to 5% down payment and closing cost assistance for Texas homebuyers with no first time homebuyer requirement.

Max. Loan Amount

$472,030 - $571,550

Min. Credit Score

620

Min. Down Payment:

0%

Details
TSAHC Home Sweet Texas Home w/ MCC
|TSAHC FHA

Up to 5% down payment and closing cost assistance, and a Mortgage Credit Certificate (MCC) for tax benefits for Texas homebuyers.

Max. Loan Amount

$472,030 - $571,550

Min. Credit Score

620

Min. Down Payment:

0%

Details
TSAHC Homes for Texas Heroes w/ MCC
|TSAHC FHA

Up to 5% down payment and closing cost assistance for Texas Heroes and a Mortgage Credit Certificate (MCC) for tax benefits.

Max. Loan Amount

$472,030 - $571,550

Min. Credit Score

620

Min. Down Payment:

0%

Details
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.

Details
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).


Details
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.


Details
TSAHC USDA Purchase Loan

Best For: Low Credit Scores, Zero Down

USDA program for Texas residents seeking down payment assistance, offered by the Texas State Affordable Housing Corporation (TSAHC).


Details
Utah Housing FHA Purchase Loan

Best For: First Time Homebuyers, Low Credit Scores

FHA program for Utah residents seeking down payment assistance, offered by the Utah Housing Corporation (UHC).


Details
Utah Housing FirstHome FHA Loan

Best For: First Time Homebuyers, Low Credit Scores, Lowest Rates

FHA program for Utah first time homebuyers seeking down payment assistance, offered by the Utah Housing Corporation (UHC).


Details
TSAHC VA Purchase Loan

Best For: Low Credit Scores, Zero Down

VA program for Texas Veterans seeking down payment assistance, offered by the Texas State Affordable Housing Corporation (TSAHC).


Details
IHFA Tax-Exempt RD Targeted

Best For: First Time Homebuyers, Lowest Rates, Zero Down

Tax-Exempt RD rural development loan program for targeted Idaho Counties with below market interest rates and down payment assistance options.


Details
Virginia Housing VA Loan

Best For: First Time Homebuyers, Low Credit Scores, Zero Down

VA program for Virginia first time homebuyers with competitive interest rates and up to 2% in forgivable closing cost assistance.


Details
TDHCA FHA Purchase Loan

Best For: First Time Homebuyers, Easy Qualification

FHA program for Texas residents seeking down payment assistance, offered by the Texas Department of Housing and Community Affairs (TDHCA).


Details
Pinellas County HFA HOME KEY USDA-RD Loan Program

Best For: First Time Homebuyers, Zero Down

USDA program for Pinellas, Pasco, and Polk County, FL residents seeking down payment assistance, offered by the Pinellas County HFA


Details
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
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
This is for Single-Income Homebuyers

The housing market is always changing, and today single-income homebuyers are quickly becoming one of the largest demographics to take part. While getting approved for a loan may take a bit more work for single applicants than those who are coupled or have dual incomes, it is certainly an attainable goal and often one that proves to be more affordable in the long run. Let's go over some of the things you'll want to prepare for as you begin your solo home buying journey.

Read More
First Time Homebuyer Guide

Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.

Read More
A Rundown On Closing Costs and How They Affect You

It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.

Read More

Visit 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

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