It may be easier than you think! There are several misconceptions about down payment assistance programs, including the belief that programs are only available for first-time home buyers and that programs aren’t available in your community.
But the truth is there are many programs available, so you may be eligible for assistance without even realizing it.
Down Payment Resource recently created a blog post to combat these misconceptions by outlining the six basic criteria required by most down payment assistance programs. Below we have addressed each of these qualifications in depth to help you determine if you qualify for a down payment grant from TSAHC.
Want to know more? Watch our free webinar on the home buying process. You’ll learn the 10 steps to buying a home and receive a tutorial on our down payment assistance and MCC programs. Click here to learn more.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.
I have a two questions. I am a private school teacher and my husband is law enforcement, so only he would be the one who qualifies. Is he still eligible for DPA if we are jointly on the loan and title?
Also, is the 3 yr time frame for MCC homes in Texas specifically? It’s been about 2.5yr since we sold our home out of state.
Thank you.
Hi Trinh, TSAHC no longer has purchase price limits for our DPA options! Though due to certain requirements, we do still have purchase price limits for home buyers that are seeking an MCC. If you’d like more information, feel free to reach out to us at .(JavaScript must be enabled to view this email address).
Hi John, you can use our program to help pay for closing costs! Many home buyers direct the TSAHC funds left over from the down payment costs towards closing fees, allowing them to keep more of their own money in savings. If you’re interested in looking for additional home buyer assistance programs, we’d recommend searching for programs from your city government or local housing authorities.
Hello,
Is there a different purchase limit for multi family? The prices for multi family are much higher than the currently listed limit as it consists of multiple units.
Apperantly we qualify for the assistance program and I am wondering if you also provide funding for inspections and closing cost. If not is there another program that we can apply to help in these areas?
Hi Amber, we’d be happy to help you get in contact with the lender that you’re using to participate in TSAHC’s programs. Please send us an email to .(JavaScript must be enabled to view this email address) so we can help you out!
Hello,
I reached out to a loan officer in the end of October 21 and they had me fill out a mortgage application, which I completed on 11/9/21. Since then we’ve been messaging each other through the mortgage site but I cannot get any answers as to whether I can be approved or not and what the next step is. Is this standard procedure for the process to take over 3 months without any substantial communication?
I took a hard inquiry to my credit for this and didn’t use the window to mortgage shop because I’m not going the traditional route, I assumed.
Hi Torrance! Fortunately, we were able to lift that overlay earlier this year. You can always find the most up-to-date procedures here: https://www.tsahc.org/public/upload/files/general/TSAHC_Step_by_Step_Loan_Reservation_Compliance_Procedures.pdf
Hello,
has the DTI restriction due to covid been removed for borrowers below 700 credit score?
Hi Maggie, the required amount of down payment changes depending on the type of mortgage loan you desire. They can be as low as 3% for certain conventional loans or 3.5% for FHA loans.
What is the percentage of down payment required for the loan?
Hi Kenneth, we do allow for outside home buyer assistance programs to be used in conjunction with our own! We’d recommend letting your lender know that you’d like to use both, so they can ensure that both programs can be used together without conflict.
Will you allow grant money to be used as part of my down payment and or closing costs in conjunction with your dpa program?
Hi JD, if you have not owned your primary residence within the past 3 years, you would be considered a first-time home buyer.
Hi JD, we’re happy to hear that you’re working on building up your savings! Many of our home buyers do the same in advance of purchasing a home. To get started on the path to homeownership, we’d recommend taking our Eligibility Quiz to see if you qualify for our programs: https://www.tsahc.org/homebuyers-renters/take-the-eligibility-quiz
If I own an investment property but I’ve never owned a primary residence, would I still qualify as a first time homebuyer?
Hi there! First time home buyer here. I filled out the eligibility forms and it looks like I’m eligible for 2 programs. For the DPA program, am I still eligible for assistance even with 20% down payment? I’m worried about closing costs and trying to avoid paying PMI. Thanks in advance!
Does a home buyer’s savings balance factor in to qualifying for DPA? I plan to buy my first home at the end of the year. By then I’ll have a savings (cash and investments) of ~$10k. Will that reduce the amount of DPA I receive?
Hi Chase, our Homes for Texas Heroes program does require you to purchase a home in Texas with the intent to immediately occupy the home as your primary residence. However, TSAHC has no requirement that you already be a Texas resident or U.S. citizen.
If you haven’t already completed it, our home buyer eligibility quiz helps you determine whether you qualify for our programs: https://www.tsahc.org/homebuyers-renters/take-the-eligibility-quiz
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If you have a question regarding any of TSAHC's programs, please contact us.
Hello Katherine,
Thank you for your question.
You do not have to be a first time homebuyer on any of our non-bond DPA only options. Please check out our website for availability: https://www.tsahc.org/home-buyers-programs#Interest_Rates.
Either of you may qualify for our Hero’s Program.