Down Payment Assistance - Texas
Down Payment Assistance Options for Texas
TSAHC DPA Program
TSAHC provides down payment assistance grants and deferred loans that first-time homebuyers can use as a leverage to successfully purchase their first home. These programs are offered by the state through a network of approved mortgage lenders.
Requirements:
- Credit scores as low as 620
- No max DTI w/AUS approval
- Low fees
- Third Party Originators allowed
- FHA manual underwrites allowed up to 43% DTI with no additional fee (640 minimum FICO score required)
- FHA non-traditional credit allowed with no additional fee
- Income limits vary by county. Expanded income limits available in targeted areas.
Mortgage Credit Certificate
The Mortgage Credit Certificate program by the TSAHC is special tax credit that reduces a home buyer's federal income tax liability every year. Exclusively for first-time home buyers and Not a Down Payment Assistance program.
Requirements:
- No minimum credit score or maximum DTI requirements
- Must be combined with TSAHC's Down Payment Assistance
- Income limits vary by county. Expanded income and purchase price limits available in targeted areas