Home Buyer FAQ: Are there Credit and Debt Requirements?
For Mortgage Credit Certificate (MCC) Program:
No minimum FICO credit score or maximum debt-to-income (DTI) requirements. You simply need to meet our income limits and work with an approved lender to use this program.
For Down Payment Assistance (DPA) or MCC/DPA programs:
FHA Loans, VA or USDA-RHS Loans
Home buyers must have a minimum FICO score of 620. Please note, home buyers with a FICO score of 620-639 will be charged a .50% origination fee. Manual underwriting is acceptable for FHA loan files with a minimum 640 FICO score and maximum Debt to Income (DTI) ratio of 43%
Home buyers must have a minimum FICO score of 640 to qualify for the forgivable second lien DPA. No maximum DTI requirements will apply to any loan using DPA or MCC/DPA program that receives an automated underwriting approval.
If you have bad credit, we have a great network of housing counselors that are ready and willing to help (many times at no charge) you meet your homeownership goals. Visit our Texas Financial Toolbox to find a counselor near you.
If you have no credit, please reach out to a TSAHC lender as you still may qualify to use our DPA program.
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