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1st Time Home Buyers

Thank you for finding our Website OR Inquiring More About the Postcard you received. 🙂 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:

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 1^st 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 1^st come 1^st 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 1^st time buyer
5% Down Payment assistance in the form of a 2^nd 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 1^st 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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