Affordable housing programs from TSAHC get borrower-friendly changes

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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.

Categories: Buyers
Tags: tsahc, buying, affordable housing, homebuyer programs, buyers


William Stone on 03/27/2017

This year I’m celebrating 34 years in North Texas Real Estate so, I feel blessed to be in a wonderful industry and such a desirable place to call home! I love working with first time home buyer’s! They appreciate someone taking extra time to explain the “why” things happen. With that in mind, I rejoice on the idea of expanding income limits to 1st timers. If buying new, $300,000 or more is the going ticket price. However, it alarms me on the total DEBT ratio being waived! I can’t tell you how many couples have to buy a lot less home because of credit card debt. They fill their apartments and need more space but can’t afford it. People need to live within their means. My Grandfather had it rough. He worked and saved for 7 years to build his first home in 1939. He moved into with his stick furniture from college. It doesn’t have to be that rough but, I think even the “Jones” are getting tired!

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