About the Texas HOMEbuyer Assistance Program
Texas HOMEbuyer Down Payment Assistance (DPA) Program
Frequently Asked Questions (FAQ)
Up to $20,000 in down payment and closing cost assistance!
– Homebuyer must occupy the home at their principal place of residence for the entire loan term.
– Household’s mortgage payment must be at least 25% of total household income (or down payment assistance amount available will be reduced).
– Household’s DTI max is 45%- Entire household income cannot exceed
-Property must be a single family home, condo, or new manufactured home (The Covenant Team offers loans for Single family homes and condo’s but not manufactured home)
– Property must pass a Housing Quality Standards Inspection, which is different from a Texas Real Estate Commission (TREC) inspection.
– Property must be environmentally cleared by TDHC.
– Property must be located in the above mentioned counties
– Property value may not exceed 95% of the applicable FHA Mortgage Limit (currently $271,050)
– Loan must have a interest rate
– No Adjustable Rate Mortgages (ARMs)
– The Loan-to-value (LTV) ratio must be at or below 100%
– Lender charges and origination fees may not exceed $2,500.
– Permanent interest rate buy downs are allowed.
– You are absolutely allowed to use The Covenant Team of Service First Mortgage!
The Texas HOMEbuyer Assistance Program is
funded through the US Department of Housing and Urban Development’s HOME
Investment Partnerships Program, and brought to you by the State of Texas and
the Texas Department of Housing and Community Affairs.