What is the Homes for Texas Heroes / Texas Professional Educator Home Mortgage Program
The Professional Educators and Homes for Texas Heroes Home Loan Programs provide 30-year fixed rate mortgage loans to eligible first-time home buyers wishing to achieve the American dream of home ownership. These programs are available exclusively through Select Mortgage Banks as determined by TSAHC, to qualify for these programs simply our contact page or you may Apply Online here.
UPDATE: This down payment assistance (DPA) program is out of funds and was last checked Friday September 22nd. This information is accurate as of that date. Please call our office at our contact page for more information on the 100% financing and first time home buyer tax credit programs available in your area.
These programs are offered as First Come First Serve until Funds are exhausted.
As of June 1, 2010 these programs offer to Eligible Buyers the following:
- 5.0% Fixed Rate
- offer down payment and closing cost assistance in the form of a grant of up to 3% of total loan amount
Eligible Buyers must
- Reside in the State of Texas
- Be a first-time home buyer, have not had an ownership interest in any principal residence during the last three years, or purchasing a home in a targeted area
- Meet the income & home purchase price limits
- Meet standard mortgage underwriting requirements which demonstrate credit worthiness
- Occupy the purchased home as their primary residence
- Complete a HUD approved home-buyer education course prior to closing on the home loan. To find a home buyer education provider in your area, please click here. Once you are on HUD’s website, you can further narrow your search by entering your city and by selecting “Home buyer Education Programs”.
- Income Tax Recapture Provisions Apply
- Cannot be combined with Any Other Grant or Bond Program
Buyers may purchase the following types of properties:
- Single Family Residences
- Qualified Condominium Developments
- Planned Unit Developments (PUDs)
The Texas Homes for Heroes and Texas Professional Educator programs are available exclusively through Select Mortgage Banks as determined by TSAHC,and we are pleased to be able to offer these programs statewide to you. To get pre-qualified for the Homes for Texas Heroes Program you may Apply Online here or simply our contact page . The above is not a comprehensive list of requirements feel free to our contact page with additional questions. Don’t Forget our Home Buyer University Classes will better prepare you for these special Programs for our Heroes & Educators.
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