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Lender Guidelines: 4.3 Purchase Price Limitation
The purchase price of the residence cannot exceed the applicable maximum purchase price limit. The applicable maximum purchase price limits are set forth on TSAHC’s website at https://www.tsahc.org/lenders/resources-for-lenders#Income_and_Guidelines https:// https://www.tsahc.org/lenders/resources-for-lenders#Income_and_Guidelines [...]
Lender Guidelines: 4.2 Qualifying Residences and Mortgage Loans
Set forth below are tables showing the types of residences and first lien mortgage loans that qualify for such assistance. Definitions of certain terms are set forth below the tables. Non-Bond DPA (with or without MCCs) Type of Residence Government Loans (FHA/VA/USDA-RHS) HFA Conventional Loans Traditional Conventional Loans New or existing detached single family [...]
Lender Guidelines: 4.1 Eligible Loan Area
The home being purchased must be located in the State of Texas. The Lender should verify the property’s location by reviewing the property appraisal and location where the property taxes are paid. For access to the full TSAHC DPA & MCC Guidelines, please click [...]
Lender Guidelines: 3.5 Mortgage Subsidy Recapture Tax
A borrower who receives Bond DPA or an MCC (with Non-Bond DPA) may be subject to a federally imposed mortgage subsidy recapture tax (“Recapture Tax”) if the mortgagor sells his or her residence within nine years of settlement. The tax, if any, will always be the lesser of: (a) 50% of the gain from the sale of the home, and (b) an amount based on a formula which takes into consideration: (1) the [...]
Lender Guidelines: 3.4 Using Additional Subsidy Programs
Additional subsidy programs may be used in conjunction with TSAHC’s Programs provided they meet the applicable FHA, VA, RHS, Ginnie Mae, Fannie Mae, Freddie Mac and Lakeview guidelines, and provided that the subsidy funds are not attached to the first lien mortgage, either as a gift or as a second lien. Please contact TSAHC if you have questions about combining another subsidy program with [...]