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).
Program Description
When combined with TSAHC's (Texas State Affordable Housing Corporation) down payment assistance programs "Home Sweet Texas Home" or "Homes for Texas Heroes", Texas residents who are also veterans or active-duty military can finance up to 105% of their purchase price and closing costs.
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TSAHC VA Purchase Loan
Min. Credit Score
620
Min. Down Payment
0%
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
- Assistance available, between 2% and 5% of the first loan amount
- Available in all of Texas
- Forgivable and repayable bond/grant options
- Subject to income limits and purchase price limits when combined with MCC
- Rarely used as a standalone program
Program Availability
TSAHC VA Purchase Loans are available in 1 state.
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“The VA option comes in handy when using TSAHC down payment assistance programs for veterans or active-duty military that need some additional help with their closing costs."
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
- VA loan program option from TSAHC; use with down payment assistance
- Can be combined with "Home Sweet Texas Home" and "Homes for Texas Heroes"
- For Texas Veterans or Active-Duty Military only
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.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: VA Funding Fee
The VA Funding Fee, which ranges between 1.25% - 3.3% of the loan amount, is charged on all VA loans unless the veteran has been entitled 10% or greater in disability.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2%
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 VA 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 VAUp 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 VAUp 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 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).
Related Resources
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
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.
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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 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
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