May 12, 2017 | by Michael Wilt
Categories: Financial Education, First Time Buyer, Homeownership
We're excited to share a new tool for home buyers now available on our web site. The Down Payment Assistance Calculator allows home buyers to explore the down payment assistance grant amount and interest rate that works best for them. Using the tool is easy. Just follow these quick steps.
Step 1: Select the Mortgage Loan Type
Choose one of the following loan types: FHA, USDA, VA or HFA Conventional. The loan amount will vary depending on the loan type selected. FHA, USDA, and VA loans each include a different upfront fee because their loan product type requires it. That fee will be included in the loan amount displayed in the results section.
Step 2: Select an Interest Rate Based on Grant Assistance Amount
Our interest rates vary depending on the amount of grant assistance you choose. Home buyers who opt for more down payment assistance receive more immediate equity in the house, but it also means a higher interest rate. Our assistance options give home buyers the flexibility to choose what's right for them and what fits their budget.
Keep in mind two factors in this section. First, borrowers with a credit score in the 620 - 639 range may have an origination fee included in the loan. The fee is not included in the loan amount displayed in the results section but will be part of the closing costs. Second, while our interest rates change frequently, the Down Payment Assistance Calculator will always reflect our current rates.
Step 3: Enter the Home Purchase Price
Just enter in the home purchase price, hit enter, and your results will appear.
Results
The results will show the mortgage loan amount, the TSAHC down payment assistance grant amount, and the estimated monthly mortgage principal and interest payment. Keep in mind that the estimated monthly payment only includes principal and interest. It does not include taxes, insurance, mortgage insurance and other costs that may be included in a monthly payment.
Our goal with the calculator is to make sure home buyers have the knowledge to make educated home buying decisions. You can find the new Down Payment Assistance Calculator under the Consumer Resources section of our Home Buyers & Renters website menu.
In addition to exploring this new calculator, we also encourage you to check out texasfinancialtoolbox.com, another great consumer resource. It's a web site we created to help Texans find a housing or financial counselor that can help them achieve their financial and homeownership goals.
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