Now Available: Grant to Help Texans Buy Their First Home

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AUSTIN, Texas, Jan. 12, 2012 /PRNewswire-USNewswire/ -- As part of its first-time homebuyer programs, the Texas State Affordable Housing Corporation (TSAHC) is offering a grant to Texans interested in purchasing their first home.  The programs will now offer a grant of 5% of the loan amount that the homebuyer can use towards down payment and closing costs.  This grant is in addition to the programs' low fixed mortgage interest rate of 4.00%.  This new grant amount is effective on the Home Sweet Texas, Professional Educators, and Homes for Texas Heroes Home Loan Programs. 

"We know from various studies that owning a home provides tremendous economic opportunity for families and individuals, not to mention creating stability and security for the communities they live in," says David Long, president of TSAHC.  "Now is a great time for first-time homebuyers to take advantage of these programs and fulfill their dream of homeownership while mortgage rates are at historic lows."

Eligible homebuyers can apply directly through an approved participating mortgage lender in their area.  The lender list is available on TSAHC's website at www.tsahc.org or interested homebuyers can contact TSAHC directly at 888-638-3555.  This program is available statewide on a first come, first-served basis, to homebuyers who wish to purchase a newly constructed or existing home.

Qualifications for each of TSAHC's first-time homebuyer programs are:

• Professional Educators Home Loan Program: Must be a full time Classroom Teacher, Teacher Aide, School Librarian, School Nurse or School Counselor employed by a public school district in the state of Texas; or a full time faculty member of either an undergraduate or graduate professional Nursing or Allied Health program in the State of Texas.
• Homes for Texas Heroes Home Loan Program: Must be a full time paid Firefighter, Emergency Medical Services Personnel, Peace Officer, Corrections Officer, Juvenile Corrections Officer, County Jailer, or a Public Security Officer working in the State of Texas.
• Home Sweet Texas Home Loan Program:  Must be a family or individual whose annual income is at or below 80% of their county's Area Median Family Income (AMFI).

Additionally, a homebuyer must:

• Be a first-time homebuyer, or not had an ownership interest in any residence during the last three years;
• Meet the income and home purchase price limits;
• Complete a HUD-approved homebuyer education course prior to closing on the home loan; and 
• Reside in the State of Texas.

About Texas State Affordable Housing Corporation:The Texas State Affordable Housing Corporation (TSAHC) is a statewide non-profit organization created by the Texas Legislature whose mission is to serve the housing needs of low-income Texans and other underserved populations who do not have comparable housing options through conventional financial channels. We do this by developing and administrating innovative housing programs and leveraging strategic partnerships with nonprofits, the private sector and public entities.

SOURCE Texas State Affordable Housing Corporation