Affordable housing programs from TSAHC get borrower-friendly changes
03/17/2017 | Author: Editorial Staff
The Texas State Affordable Housing Corporation (TSAHC) announced changes to its down-payment assistance and mortgage credit certificate programs beginning April 3 that will reduce fees for borrowers and expand eligibility in some instances.
Among the changes are simplified income limits, lower minimum FICO scores, allowing manual underwrites on FHA loans at no extra cost, and accepting Automated Underwriting System approvals with no debt-to-income ratio max. A comparison of the changes going into effect April 3 with previous requirements can be found here.
The changes apply only to new reservations on April 3 or later. The previous program requirements will be effective through March 31.
Leave a Comment
The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.