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 1st Time Home Buyers

Thank you for finding our Website OR Inquiring More About the Postcard you received. ūüôā There are some wonderful programs for 1st Time Buyers that we can help you find and utilize. Please call or text the ASG Team member's phone # on the Postcard to find out more. Below you will get an overview of some of the great 1st-time buyer programs:

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Austin / Central Texas Home Down Payment Assistance

At the Texas State Affordable Housing Corporation (TSAHC), we help people in the Austin and Central Texas area, and throughout the rest of the state, purchase a home. We are a nonprofit organization that was created by the Texas Legislature to help Texans achieve their dream of homeownership.

The Austin area is an exciting place to own a home. That's why tsahc has programs and resources for Texans who want to buy a home there.

Are You Eligible for Their Programs?

To qualify, you must have a credit score of 620 and meet certain income requirements.

Two Home Buyer Programs: Which is Right For You?

Your lender will help you determine which TSAHC program you qualify for. Both programs offer the same assistance options.

"Homes for Texas Heroes" Program
If you're in a hero profession, this is the home loan program for you. Hero professions include:

  • Professional educators, which includes the following full-time positions in a public school district: school teachers, teacher aides, school librarians, school counselors, and school nurses
  • Police officers and public security officers
  • Firefighters and EMS personnel
  • Veterans or active military
  • Correction officers and juvenile corrections officers
  • Nursing faculty and allied health faculty

"Home Sweet Texas" Home Loan Program
If you don't qualify under one of the professions listed above, this is the best program for you. This program offers the same benefits as the Home for Texas Heroes Program.

What Kind of Help Does TSAHC Offer?

If you qualify for the TSAHC programs, TSAHC will provide you with a mortgage loan and funding to use for your down payment. You can choose to receive the down payment assistance (DPA) as a grant (which does not have to be repaid) or a deferred forgivable second lien loan (which only has to be repaid if you sell or refinance within three years).

Are You A First-Time Home Buyer?

If you are buying your first home, you can also apply for a mortgage interest tax credit known as a Mortgage Credit Certificate (MCC). To qualify, you must meet certain income requirements and the home must meet certain sales price restrictions.

Mortgage Credit Certificate (MCC)

LEARN MORE ABOUT MORTGAGE CREDIT CERTIFICATES

If you are a first-time home buyer, you can apply for a mortgage interest tax credit known as a Mortgage Credit Certificate (MCC). An MCC reduces your federal income taxes every year by allowing you to get 20% of what you spent on mortgage interest back as a tax credit (When you receive an MCC, you claim a deduction of up to $2,000 per year on your home, this credit will reduce the amount you owe in federal taxes for the year. Because the tax credit refunds a portion of your mortgage interest, it also effectively reduces your mortgage interest rate.

**To qualify, you must meet certain income requirements and the home must meet certain sales price restrictions.

  • Must be a 1st¬†time Home Buyer ( Can not have owned a home in the last 3 years)
  • 40% of annual mortgage interest is an up front tax credit
  • Tax Credit is limited to lesser of 40% of annual interest or $ 2,000.00 which is $ 167.00 monthly
  • Buyers receive a Certificate to take to their employers to adjust with holding in their pay checks
  • Buyer will not owe this back and still gets other itemized tax deductions
  • $ 500.00 application fee
  • May be used with FHA, USDA, or Conventional Loans
  • Must Make under $ 98,900.00 annually 1-2 Persons
  • Must Make Under $ 113,735.00 Annually 3 or more persons.
  • Buyer still gets to itemize and deduct the remaining 60.0% of annual mortgage interest on tax return ( Double Dip the IRS)
  • Funds Limited 1st¬†come 1st¬†serve

What is the definition of a first-time home buyer for the MCC Program?

For purposes of the mortgage credit certificate (MCC) program, a first-time home buyer is an individual or family that has not owned or had an ownership interest in any principal residence during the last three years.

HOPP LOAN PROGRAM

What is the HOPP Loan Program?
You can afford your perfect home with Prosperity Bank's Home Ownership Possibilities Program (HOPP). Designed to meet the needs of those with low to moderate incomes, our customized program has features that will help get you into a home that's right for you.

HOPP Loan Program Features:

  • 100% Financing Zero Down Payment Loan
  • Maximum Loan Amount $ 350,000.00
  • No Mortgage Insurance upfront or monthly
  • Only a 600 Mid FICO score to qualify
  • No Origination Fees or Mortgage Fees
  • Moderate Income Limits 1 Person Under $ 57,000.00 annually
    • 2 People under $65,100.00 annually. 3 People under $ 73,250.00
    • Annually, 4 People Under $ 81,400.00 Annually
  • 3 months taxes and insurance for escrows
  • Typical loan closing costs and escrows will run about $ 4,500.00
  • May use an ITIN Persons income with a Spouse having Citizenship or green card.
  • Refinances allowed for Primary Residence

*Loans subject to income and/or other eligibility requirements which may vary depending on property location. Available in Bank's designated assessment areas in Texas and Oklahoma. *100% financing based on lesser of purchase price or appraised value. **Maximum loan amount of $350,000. Subject to credit approval. Escrow required. Other restrictions apply. Subject to change.

USDA Government Loan Program

  • Purchased Home must be primary residence
  • Family Income must be less than $ 123,625.00 Any Family Size
  • No Down Payment
  • Austin Round Rock MSA Loan Limits same as FHA 362,452.00 Before MIP
  • Monthly Mortgage Insurance only .4% annually ( Saves $ 85.00 to $ 150.00 monthly) versus an FHA Loan
  • 0% funding fee added to mortgage
  • Seller allowed to contribute up to 6.0% of sales price for closing costs
  • Limited to geographic area Manor, Del Valle, Leander, Liberty Hill, Kyle, Jarrell
  • Minimum FICO score is 640 or higher.
  • Must owner occupy the home purchased
  • May be combined with MCC ( Mortgage Credit Certificate) Programs
  • Income limits to 29.0% of gross annual income allocated for house payment
  • Income limits to 44.5% of gross annual income allocated for house payment plus monthly debts
  • May not Exceed ratios
  • No late payments allowed in the last 2 years
  • Bankruptcy allowed after 2 years from discharge date with reestablished credit
  • Non purchasing Spouse is allowed
  • Married couples will be scored on the lower of the spouses Mid Fico score
  • Foreclosure allowed after 3 years from disposition date
  • Will Not allow Non Occupant cosigner

FHA Insured Government Loan

  • Buyer must contribute 3.5% of their own funds
  • 5% contribution may come from Down Payment Assistance programs
  • 5% contribution may come a blood relative gift
  • No limits on family income
  • Austin Round Rock MSA Loan limits are $ 362,452.00 not including MIP Roll-in
  • FHA charges upfront MIP( mortgage Insurance Premium)
  • MIP is 1.75% of amount borrowed may be added back to loan.
  • MIP is also charged monthly .85% of the amount borrowed annually.
  • Seller may contribute up to 6.0% of buyers closing costs
  • If using Bond Down payment assistance seller can still contribute 6.0%
  • Minimum FICO score is 580 but most lenders all requiring 620 or higher
  • All credit Scores between 580 and 660 subject to a .25% discount point premium and 90% LTV
  • Must owner occupy the home purchased
  • May be combined with MCC( Mortgage Credit Certificate) Programs
  • May be combined with 1st-time buyer Bond Programs
  • Income limits to 35% of gross annual income allocated for house payment
  • Income limits of 45% allocated for house payment plus all monthly debts
  • May exceed ratios with compensating factors 401K, job longevity, no payment shock
  • May use Non Purchasing Spouse
  • Married couples will be scored on the lower of the spouses Mid Fico Score
  • Bankruptcy allowed after 2 years from discharge date and reestablished credit
  • Foreclosure allowed after 3years from disposition date
  • Will allow Non Occupant Cosigner

TDHCA Bond

  • No longer requires being a 1st¬†time buyer
  • 5% Down Payment assistance in the form of a 2nd¬†lien interest free, must be repaid UPON SALE OF HOME
  • Interest rate fixed for 30 years 4.25% subject to change daily.
  • May use with the MCC Program
  • May be used with FHA , Conventional and VA
  • Must have a 620 or higher credit score
  • Family Income cannot exceed $ 98,900.00 annually 1-2 Persons
  • Family Income cannot exceed $ 113,7350.00 annually for 3 or more persons
  • FHA loan limits
  • Ratios may exceed 45% up to as high as 57% underwriters discression.
  • If Credit Score is under 640 cannot exceed ratios

Travis County Bond Money

  • Do not have to be a 1st-time buyer.
  • Cannot currently own a Home
  • Total Household Income cannot exceed more than $ 118,000.00 per year
  • FHA Loan Limits
  • 640 or higher credit score
  • May be used with FHA, VA, or USDA, or Conventional
  • Down Payment Assistance is 5.0% of Sales Price
  • No Recapture after 9 Years
  • Current rate is 4.75%

BBVA Compass Zero Down Payment Program

  • Do not have to be a 1st¬†time Home Buyer cannot currently own
  • 620 or higher credit score
  • Family income limits under $ 65,120.00
  • No income limits for low income areas
  • 100% LTV Zero Down
  • Debt to income ratio only .45
  • Imputed payment of 2.0% of student loans total indebtedness
  • No monthly or upfront mortgage insurance
  • FHA Loan limits
  • Up to a 6.0% seller contribution
  • Lender pays up to $ 4,500.00 in closing costs
  • Cannot use MCC with this program

We look forward to having the opportunity to work with you!! Your Favorite Brokers/Realtors at ASG!!

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