TEXAS HOMEBUYER ASSISTANCE PROGRAM

Wednesday, March 21, 2012

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!

 

  •  The Texas HOMEbuyer Assistance Program
      is a 0% interest forgivable loan of up to $20,000 for down payment and
      closing cost assistance
  •   No repayment is required if the buyer
      remains in the home throughout the term of assistance (5-10 years).
  •   The program is offered to homebuyers
      in Bastrop, Blanco, Burnet, Caldwell, Hays, Travis (outside of the Austin
      city limits only), and Williamson Counties.
  •   Applicants do not have to be first-time homebuyers!

 Household Requirements

   
  – Household must complete an eligible homebuyer education course.

–  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
  80% Area Median Income for the county.

 Property Requirements

 -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)

 Lending Requirements

 – 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!

 

 

Maximum Family Income:
  (by County)

COUNTY

1 PERSON

2 PERSONS

3 PERSONS

4 PERSON

5 PESRONS

6 PERSONS

Bastrop

$41,350

$47,250

$53,150

$59,050

$63,800

$68,500

Blanco

$32,500

$37,150

$41,800

$46,400

$50,150

$53,850

Burnet

$31,450

$35,950

$40,450

$44,900

$48,500

$52,100

Caldwell

$41,350

$47,250

$53,150

$59,050

$63,800

$68,500

Hays

$41,350

$47,250

$53,150

$59,050

$63,800

$68,500

Travis

$41,350

$47,250

$53,150

$59,050

$63,800

$68,500

Williamson

$41,350

$47,250

$53,150

$59,050

$63,800

$68,500

  
  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. 
 

 

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