Home Buyer FAQ: What is the Difference Between Closing Costs and the Required Down Payment?

The down payment for a home is applied directly toward lowering your total loan amount. Normally based on a percentage of the total sales price, the amount is typically established early in the loan application process with your lender. Required down payment amounts vary by loan type and can be as low as 3% for certain conventional loans or 3.5% for FHA loans. Closing costs are fees [...]

Home Buyer FAQ: Can I Buy a Rental Home or Vacation Home Using TSAHC’s Homeownership Programs?

To qualify for TSAHC’s Homeownership Programs, the home you purchase must be or become your primary residence. Vacation, rental and second homes do not qualify under TSAHC’s Homeownership [...]

Home Buyer FAQ: What Type of Home Can I Buy with TSAHC’s Homeownership Programs?

You may purchase the following property types if using TSAHC Down Payment Assistance (DPA) alone, OR combining TSAHC’s DPA with a Mortgage Credit Certificate. FHA/USDA/VA Loans- New or existing homes Unit in a condo, townhome, or PUD An entire duplex, triplex, or fourplex (one unit must be owner-occupied) Manufactured homes (FHA/USDA only) Conventional Loan- New or [...]

Home Buyer FAQ: What is a Targeted Area?

You may purchase a home anywhere in Texas using TSAHC’s Home Buyer Programs. However, higher income and purchase price limits are available to home buyers that purchase a home in a targeted area. Targeted areas are census tracts designated as areas of economic distress. Click here to see if a property is located in a targeted [...]

Home Buyer FAQ: How Long Does It Take to Buy a Home Using TSAHC’s Homeownership Programs?

Using TSAHC Down Payment Assistance (DPA) and/or Mortgage Credit Certificate (MCC) programs should not take any longer than it would take to close on a home with a traditional mortgage loan. On average, the process takes about 30 days from the time your lender reserves the funds with TSAHC until you close on your [...]