For more information, please contact me at (512) 261-1542 or steve@LoneStarLending.com.
By G. Steven Bray
What do you do if you want to buy a home and don’t have money for a down payment? Bank of America just announced a new no down payment mortgage targeting minority communities, and that might work for you if you live in Dallas. Certain neighborhoods in Dallas are the only areas of Texas eligible for the program.
So, what if don’t live in Dallas or if your income is too high for this program? Here’s another option. The Texas State Affordable Housing Corp (TSAHC) offers down payment and closing cost assistance up to 5% of your loan, and it’s available throughout the state.
And unlike a lot of down payment assistance programs, the TSAHC program does NOT require that you be a first-time homebuyer to qualify. You do need a credit score of at least 620, and you must be able to qualify for a conventional mortgage.
The program does have income limits, but they’re surprisingly generous. In the Austin area, the income limit is almost $140k, and in some targeted areas, the limit is almost $155k. In Dallas, the limit is just over $120k and in Houston just over $110k.
To see if you qualify, click this link to take a short four-question quiz. Or just give us a call. We’d love to help you buy a home.