Lender Guidelines: 2.6 Residency Requirements

Homes for Texas Heroes Program: Borrowers must currently be a Texas resident or demonstrate intent to be a resident of Texas. Individuals who are currently not living in Texas but have accepted a job in one of the eligible professions listed under the Homes for Texas Heroes Program are eligible. Please follow Lakeview, FHA, VA, USDA-RHS, Fannie Mae or Freddie Mac guidelines related to non-U.S. [...]

Lender Guidelines: 2.5 Principal Residence Requirement

The financed residence must become the principal residence of the borrower within 60 days of loan closing. A residence that is a vacation home is not a principal residence. Additionally, no more than 15% of a qualifying residence may be used for trade or business purposes. For access to the full TSAHC DPA & MCC Guidelines, please click [...]

Lender Guidelines: 2.4 New Mortgage Requirement/No Refinancing

The proceeds of the new mortgage loan (whether in conjunction with Non-Bond DPA, Bond DPA or MCCs) cannot be used to acquire or replace an existing mortgage, i.e., each mortgage loan must be made to a person who did not have a mortgage (whether or not paid off) on the residence securing such mortgage loan at any time prior to the execution of the mortgage loan, except for certain temporary [...]

Lender Guidelines: 2.3 First-Time Home Buyer Requirement

For Non-Bond DPA (No MCC): Borrowers are not required to be first-time home buyers. Borrowers may have previously owned or may currently own a home, provided that the home being purchased becomes the borrower’s principal residence upon loan closing. If the borrower purchased their current home using TSAHC’s DPA program, they must sell their current home in order to be able to use the DPA program [...]

Lender Guidelines: 2.2 Income Limitation

Please refer to the Appendix for more information about calculating income for MCC/DPA qualification purposes. The income of the eligible borrower(s) must be less than or equal to the applicable Program maximum income limit. Note that the Program maximum income limits are significantly higher for homes located in Targeted Areas. The Maximum Family Income limits and the list of [...]