November 2019 Newsletter
New Mortgage Products to Launch
Monday, December 2nd
Beginning Monday, December 2nd, TSAHC will offer 3%, 4%, and 5% three-year deferred forgivable 2nd Lien Down Payment Assistance (DPA) options . These will offer a lower interest rate on the first lien than our grant options and will be available on FHA, VA, USDA and Conventional loans.

At the same time, TSAHC will begin  accepting Freddie Mac's HFA Advantage conventional loans  for all AMFI borrowers. Fannie Mae's HFA Preferred conventional loans will now only be available to borrowers at or below 80% AMFI.

The above options will replace the current Conventional Grant and Repayable 2nd Lien options. Please note that the last day for reservations for the Conventional Grant and Repayable 2nd Lien products will be Friday, November 29th .

Below is the new product suite starting December 2nd :
Wells Fargo Housing Foundation
Awards $5,000 Grant to TSAHC
TSAHC would like to recognize the Wells Fargo Housing Foundation for their generous $5,000 grant to support Housing Connection , our training initiative for nonprofit housing organizations. Their investment will help support a week-long training workshop in June 2020 to be hosted at the San Antonio branch of the Federal Reserve Bank of Dallas.

With this grant, the Wells Fargo Housing Foundation is supporting the work of Texas' nonprofit network, to provide high quality housing and financial education to Texas families. We want to thank the Wells Fargo Housing Foundation for their continued support!
We're Honoring Veterans with an
MCC Special this November
As a reminder, we're offering a free stand-alone Mortgage Credit Certificate (MCC) to Veterans during the entire month of November in honor of Veterans Day. This equates to a $700 savings at closing but thousands of dollars in savings over the life of the loan. Please note that as long as you reserve the loan in November, the promotion will apply.

As a reminder, here are the MCC Program Benefits:
  • Veterans do NOT have to be first-time home buyers
  • Helps the Veteran qualify by reducing Debt-to-Income ratio
  • Reduces federal income tax liability EVERY year the Veteran lives in the home
  • Can be combined with TSAHC's Down Payment Assistance
RFP Issued for
Financial Advisor Services
On November 20th, TSAHC issued a Request for Proposals for Financial Advisor services . Entities that provide these services are encouraged to apply and must submit all materials listed in the RFP by 5:00 p.m. CST on   Friday, December 20, 2019. All questions and communications concerning the RFP must be submitted to Michael Wilt
Upcoming Events
November 27 - 29 - TSAHC Offices will be closed beginning at noon on Wednesday, November 27th in observance of Thanksgiving and will reopen on Monday, December 2nd.

December 5 at 10:00 a.m. - TSAHC's New Home Buyer Products Suite webinar. Register Here

December 24 - 26 - TSAHC Offices will be closed in observance of Christmas.
Below are November 2019 excerpts from On the House , a blog TSAHC launched in 2014 on affordable housing topics. We invite you to drop by On the House as we explore important issues, provide an inside look into our programs, and share other valuable resources.  
TSAHC Partner Spotlight: Housing Channel and Donna VanNess
This week we interviewed Donna VanNess, President of Housing Channel, a non-profit that aims to revitalize distressed neighborhoods and increase the the amount of decent, affordable housing for famillies and individuals with low-to-moderate income and special housing needs. TSAHC is partnering with Housing Channel on the Riverside Homes project described below.
How Commuting Costs Can Drive Up Housing Costs
Housing affordability is generally measured as a percentage of income spent on housing costs. According to the US Department of Housing and Urban Development, a household is considered cost-burdened if it spends more than 30% of its income on housing.

But Joe Cortwright, Director of City Observatory, argues that traditional measures of affordability do not consider other related costs, particularly transportation, when calculating whether a household’s housing is affordable. 
Introducing TSAHC's November Special for Veterans
Monday, November 11th is Veterans Day, and according to the U.S. Census Bureau, there are more than 1.4 million veterans living in Texas.

We understand the bravery required from the men and women that defend our country. That’s why TSAHC does its best to promote and provide services that help current and former members of our armed forces live comfortably in the communities they worked to protect.
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