Home Buyer FAQ: What are the Eligibility Requirements for the DPA and MCC Programs?

The best way to get started with our program is to visit www.ReadytoBuyaTexasHome.com and take our eligibility quiz. Once you do that, if the result indicates you qualify (we do require a credit score of 620 or higher for our grant), the next step is to contact one of the approved lenders listed on our website. Only our approved lenders can offer our programs as they are trained as experts in [...]

Home Buyer FAQ: What Are the Benefits of TSAHC’s Forgivable Second Lien DPA?

TSAHC's forgivable second lien down payment assistance (DPA) is with 0% interest and no monthly payments due. This assistance is forgiven, in full, upon the third anniversary of the date of the loan. It is repayable, in full, during the three-year term upon sale, transfer or refinance. Details about the forgivable second lien assistance option: 3-5% DPA Government and conventional [...]

Home Buyer FAQ: Will Inquiries about my Credit Affect my Credit Score?

An abundance of credit inquiries can sometimes affect your credit scores since they may indicate that your use of credit is increasing. Note that the data used to calculate your credit score does NOT include mortgage or auto loan credit inquiries that are made during the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always [...]

Home Buyer FAQ: When Can I Lock My Interest Rate?

Your lender will lock your interest rate once your purchase offer has been accepted and you are under contract on a home. Once your lender locks your loan, you will not be able to renegotiate the interest [...]

Home Buyer FAQ: Is a Gift an Acceptable Source of my Down Payment?

Gifts are an acceptable source for your required down payment, as long as the gift meets one of the following requirements: The gift is provided by a relative The gift is provided by the co-borrower The gift is from a nonprofit or government organization such as TSAHC. Your lender may have more guidance for you on what is acceptable. Please speak with them also as different loans have [...]