Something Special for Teachers! If You Have $500. You Can Buy a House! The Texas State Affordable Housing Corporation wants to help you purchase your 1st home with a 5.5% grant for downpayment assistance and an affordable mortgage! To be eligible for a mortgage loan under the Program, a teacher must: * be a classroom teacher employed by a public school district for the 3 year period preceding the date of application * have resided in Texas for the five-year period preceding the date of application for a mortgage loan * be a First-time Homebuyer or cannot have owned a home in the last 3 years *meet the Maximum Income and Purchase Price Limits for the Program;and * meet normal mortgage underwriting requirements which demonstrate creditworthiness MAXIMUM PURCHASE PRICE LIMITS New Construction: $115,765 Existing Homes: $73,184 MAXIMUM INCOME LIMITS: Income limits are based on the number of people residing in the household: 2 or less: $51,400 3 or more: $59,110 IS THE PROGRAM A ZERO DOWN PROGRAM? The program is not a 0% down program. As with most mortgage loans, there are fees associated with this program, however, the program offers a grant of 5.5% in down payment assistance. The assistance is a grant to the borrower, not a loan. The amount of down payment assistance is based on 5.5% of the mortgage loan amount (i.e. $80,000 morgage amount with $4,400 DPA). The funds may be used to cover allowable closing costs and down payment requirements. In our area, your downpayment amount is less than 3% of the purchase price. The balance of the grant will go towards closing costs. It will not cover all of the costs, however, the Seller can pay the balance of your closing costs and you could possibly buy a home with less than $500 out of your pocket. "Created to make the dream of home ownership a reality."