See If You Qualify for Up-To 5% in Closing Costs & Down Payment Assistance in Texas: You Don't Have to Pay It Back

What is TSAHC? 

It stands for Texas State Affordable Housing Corporation. It is a non-profit organization that provides 2 types of assistance to home buyers anywhere in Texas:

1. Down payment & closing cost assistance
2. Mortgage credit certificates

In order to qualify, you have to work with an approved mortgage lender. They have expertise in the program and will let you know which program within TSAHC you quailify for and how much assistance is availble for use (anywhere from 2%-5%). 

 So, for example, if you were to make an offer on a home for $350,000 and 5% was available, that would  be $17,500 towards your down payment and closing costs. 

You might be saying, wait whaaat??? I can buy my dream home and someone is going to gift me thousands of dollars to help pay for my down payment and closing costs?!?! Yes. 

Typically, we recommend preparing for 3% in closing costs and at least 3% for down payment. For our above example, this would be a total of $21,000. When the assistance in this example is applied, a remaineder of $3,500 would be required. 

Through expert negotiations, it's possible that your Houzable real estate agent could get that $3,500 covered by seller concessions - leaving you with very little funds needed in your home buying journey. 

What are some costs a home buyer might have when buying their home?

• Down payment 3%
• Closing costs 3%
• General home inspection: usually around $600
• WDI Inspection: typically $100
• Option Fee: gives you the option to have the home inspected & negotiate repairs or walk away, about $100
• Earnest Money: commonly 1% of purchase price, goes towards down payment & closing costs, so could be refunded at closing, so $3,500 for a $350,000 home
• Moving costs: this can vary, but is worth mentioning, because it can be pricey

So receiving 2%-5% in assistance can be a huge help, because home buying expenses can really add up. It's common for our clients to receive a check at the closing table. A refund because their initial costs were more than their required cash-to-close. 

Get started today! There's just 3 steps in your down payment assistance journey:

1. Take the eiligibility quiz (below)
2. Quailfy with an approved lender
3. Start shopping for your dream home!