Down Payment Assistance is Premier Nationwide Lending’s forte. We do normal home purchase loans through FHA, Conventional, and we do Jumbo, but through the years we have become one of the top North Texas lenders providing down payment assistance to home-buyers in Texas.
Down Payment Assistance & FHA Mortgage
In most cases, down payment assistance programs are used in accordance with the FHA loan, but they can be used with most lending products. The most popular down payment assistance programs we use are the SETH 5 STAR, and TSAHC (also known as Home’s For Hero’s and Home Sweet Texas). For both of these programs, there is a maximum household income limit…also see SETH 5 STAR income limits. In the Dallas County area, including Collin, Dallas, Denton, Ellis, Hunt, Kaufman, and Rockwall counties, the SETH program limit is $67,735, and the TSAHC program for the Hero program (including “hero’s and educators”) allows up to 115% of the AMFI, which is $78,085 and the Home Sweet Texas is 80% of AMFI.
SETH 5 STAR and TSAHC Options
Depending on your specific need, there are a number of options for rate and assistance per program. Both programs have 3 options: 5% down payment assistance, 4% dp assistance, and 3% dp assistance. The more assistance you take, the higher the interest rate you will get.
Minimum Credit Score Requirements for Down Payment Assitance
All of the programs require a minimum middle credit score of 640.
Closing Timeline for DP Assistance Programs
Many people think that it takes a long time to close loans with these programs, but that is simply not true. Normal closing timelines within the industry customarily expect 30 day closing timelines or less. We close these programs every month within that timeline, and can close in 20-25 days if necessary on occasion.
For more questions, please feel free to call me at 469 450 2723 or to apply for a mortgage apply online here. Find me on Google+ at +YourMortgageGuyForLife
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Texas Top Down Payment Assistance Lender Flower Mound