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 [...]

Home Buyer FAQ: What is Mortgage Insurance and When is It Required?

Mortgage insurance makes it possible for you to buy a home with a down payment of less than a 20% by protecting the lender against the additional risk associated with low down payment lending. By purchasing mortgage insurance, lenders are comfortable with down payments as low as 3.5% (for FHA-insured loans) or 3% (for conventional loans) of the home's value. Use TSAHC’s Loan Comparison [...]