The 5 Star Texas Advantage Program provides down payment and closing cost assistance to eligible home buyers in the form of either a community second mortgage which is completely forgiven after 3 years or as a grant of up to 5% of the total loan amount of their home, with no repayment or recapture period. The program provides a 30 year fixed rate mortgage.
Financial assistance is provided by SETH Southeast Texas Housing Finance Corporation. The public purpose of Southeast Texas Housing Finance Corporation is to create and promote affordable housing opportunities for the citizens of Texas and it’s subscribing governmental jurisdictions. The primary business activity of Southeast Texas Housing Finance Corporation is to issue tax-exempt single-family mortgage revenue bonds.
Features
- Available to qualified home buyers from all professions
- Available statewide through a network of participating lenders*
- There are two DPA options for this program:
- Down Payment Assistance in the form of a 3-year forgivable 2nd mortgage (VA, FHA, USDA, Conventional loans) OR
- Down Payment Assistance in the form of a Grant (Conventional and FHA loans)
Eligibility
- No First Time Homebuyer Requirement
- Income limits apply
- Other requirements may apply
- Minimum FICO Score of 640
- Maximum Sales Price: $492,500
- Mortgage for the purchase of an Owner occupied, Primary Residence
*Excludes Travis County and the City limits of El Paso, Grand Prairie and McKinney.
Fill out the form below to be contacted by a participating lender: