Down Payment Assistance Programs
Down Payment Assistance Programs First Time Home Buyers: TDHCA TMP-79
Assistance: 3-5% of loan amount in the form of a “silent” lien, repayable at time of sale or refinance, no payments Programs: FHA, VA, USDA, Conventional Credit Score: 620 min Debt-to-income ratio: 45% max Income limit: $77,800 to $108,920 depending on household size Purchase limit: $314,458 to $384,337 Counties: Travis & Williamson both eligible
MCC (Mortgage Credit Certificate)
Assistance: up to $2,000 annually granted as a mortgage interest tax credit, increased qualifying monthly income A tax credit provides a dollar-for-dollar reduction of income tax liability or taxes owed. A tax deduction allows one to lower the amount of taxable income by the deduction amount. Can be used with TDHCA TMP-79 & TSHAC’s programs Programs: FHA, VA, USDA, Conventional Credit Score: 620 min Debt-to-income ratio: 45% max Income limit: $77,800 to $108,920 depending on household size Purchase limit: $314,458 to $384,337 Counties: Travis & Williamson both eligible
Non-First Time Home Buyers: SETH
Assistance: 3-6% of loan amount in the form of a GRANT, not to be repaid at any time Programs: FHA, VA, USDA, Conventional Credit Score: 640 min Debt-to-income ratio: 45% max Income limits: $88,350 (USDA 1-4ppl), $116,600 (USDA 5-8ppl), $89,470 (FHA & VA), $108,920 (Conv) Purchase limit: $275,665 (FHA), $424,100 (VA, USDA, Conv) Counties: All of Texas EXCEPT Travis
TRAVIS HFC
Assistance: 4-6% of loan amount in the form of a GRANT, not to be repaid at any time
Programs: FHA, USDA, VA (No conventional loans are eligible) Credit Score: 640 min Debt-to-income ratio: 45% Income limits: $108,920 Purchase limit: $314,458 Counties: Travis ONLY
***When you use a down payment assistance program, your interest rate will be determined by the program administrators. Interest rates offered by the programs could be higher than actual market rates. Typically, the more assistance you receive/request, the higher your rate. There are also additional closing cost fees required by these programs. Contact your loan officer for a detailed quote. ***Program details and guidelines are subject to change. Contact your loan officer for current qualifications.
Jesica Simmons RMLO NMLS# 1508061 Georgetown Mortgage 4819 Williams Drive, Georgetown, TX 78633 Office: 512-872-2033 [email protected]
Assistance: 3-5% of loan amount in the form of a “silent” lien, repayable at time of sale or refinance, no payments Programs: FHA, VA, USDA, Conventional Credit Score: 620 min Debt-to-income ratio: 45% max Income limit: $77,800 to $108,920 depending on household size Purchase limit: $314,458 to $384,337 Counties: Travis & Williamson both eligible
MCC (Mortgage Credit Certificate)
Assistance: up to $2,000 annually granted as a mortgage interest tax credit, increased qualifying monthly income A tax credit provides a dollar-for-dollar reduction of income tax liability or taxes owed. A tax deduction allows one to lower the amount of taxable income by the deduction amount. Can be used with TDHCA TMP-79 & TSHAC’s programs Programs: FHA, VA, USDA, Conventional Credit Score: 620 min Debt-to-income ratio: 45% max Income limit: $77,800 to $108,920 depending on household size Purchase limit: $314,458 to $384,337 Counties: Travis & Williamson both eligible
Non-First Time Home Buyers: SETH
Assistance: 3-6% of loan amount in the form of a GRANT, not to be repaid at any time Programs: FHA, VA, USDA, Conventional Credit Score: 640 min Debt-to-income ratio: 45% max Income limits: $88,350 (USDA 1-4ppl), $116,600 (USDA 5-8ppl), $89,470 (FHA & VA), $108,920 (Conv) Purchase limit: $275,665 (FHA), $424,100 (VA, USDA, Conv) Counties: All of Texas EXCEPT Travis
TRAVIS HFC
Assistance: 4-6% of loan amount in the form of a GRANT, not to be repaid at any time
Programs: FHA, USDA, VA (No conventional loans are eligible) Credit Score: 640 min Debt-to-income ratio: 45% Income limits: $108,920 Purchase limit: $314,458 Counties: Travis ONLY
***When you use a down payment assistance program, your interest rate will be determined by the program administrators. Interest rates offered by the programs could be higher than actual market rates. Typically, the more assistance you receive/request, the higher your rate. There are also additional closing cost fees required by these programs. Contact your loan officer for a detailed quote. ***Program details and guidelines are subject to change. Contact your loan officer for current qualifications.
Jesica Simmons RMLO NMLS# 1508061 Georgetown Mortgage 4819 Williams Drive, Georgetown, TX 78633 Office: 512-872-2033 [email protected]
