Recently I attended the Texas Realtor Conference in San Antonio and worked side by side with state agency partner Joniel LeVecque, the Senior Director of Single-Family Programs at Texas State Affordable Housing Corporation, TSAHC.
We are both advocates for homeownership and the power of education that meets the needs of Texans to support the critical housing needs and goals of homeownership, be it a first-time homeowner, or a repeat homeowner.
What is DPA and how do I qualify?
Down Payment Assistance is available to any person that qualifies for a mortgage and qualifies within the parameters of the TSAHC guidelines. The basic guideline for their program is a credit score of 620 or better and being at or below the income limit for the county you are purchasing in. Each county varies on the income limit, but the balance of the state is income that does not exceed $112,625. There are counties that have higher income limits, and there is no home price purchase limit for conventional financing.
Again, it is important to remember you must have a licensed mortgage professional qualify the mortgage and secure the DPA through TSAHC. Also understand that each mortgage loan is like a fingerprint — no two loans are alike.
Anyone can use DPA/Grant assistance, and I consider it a hand-up into the process and not a handout. We especially encourage our veterans, first responders, teachers, fire fighters, police, and all individuals that serve our community to apply for DPA.
Please tune into our interview with Joniel and TSAHC, as it will offer more specific information. Reach out to our team with any qualifying questions, at email@example.com. Click here to find the interview.
We also did an “On the House” Podcast with TSAHC discussing all things credit. Click this link to check it out now!