TSAHC Newsletter | July 2017

July 2017 Newsletter

The Many Benefits of the

HFA Preferred™ Conventional Loan

TSAHC offers the HFA™ Preferred Conventional Loan with a grant for down payment assistance (DPA). Home buyers should consider this loan option, because it can save them thousands of dollars through reduced mortgage insurance costs.

Benefits of the HFA Preferred™ Conventional Loan:

30-year fixed interest rate mortgage loan
Only 3 percent down payment required
TSAHC DPA up to 5 percent of the loan amount
TSAHC DPA is a gift and never needs to be repaid
No upfront mortgage insurance premium (as compared to an FHA loan)*
Lower monthly MI rates (as compared to an FHA loan) for well-qualified buyers
Homeowner able to cancel MI when home equity reaches 20 percent (as compared to an FHA loan which requires MI for the life of the loan)

*Mortgage insurance is required on all Federal Housing Administration (FHA) loans, regardless of down payment size, and on conventional loans with a down payment less than 20 percent.

Reference the chart below to see an example of the savings a home buyer can expect with the HFA Preferred™ Conventional Loan through reduced mortgage insurance costs.

MORE INFORMATION ON TSAHC'S HOME BUYER PROGRAMS

TSAHC Seeking Local Partnerships

TSAHC is actively seeking nonprofit or for-profit partners in Bastrop , Wichita Falls and Lufkin as part of our Affordable Communities of Texas (ACT) program .

Our ACT program is a statewide land banking and land trust initiative which assists local entities with the acquisition and redevelopment of distressed properties. TSAHC combines its expertise in acquiring land and foreclosed properties with the local partner's knowledge of best construction practices and community needs.

Please note that there are requirements to be a partner organization detailed in our policies and guidelines , and there is a partner application interested organizations must complete. Thank you in advance for helping us build on the success of our ACT program.

MORE INFORMATION ON THE ACT PROGRAM

Thank You BBVA Compass

TSAHC would like to thank and recognize the BBVA Compass Foundation for awarding TSAHC a $5,000 grant to support the Texas Statewide Homebuyer Education Program (TSHEP). Offered in partnership with the Texas Department of Housing and Community Affairs (TDHCA), TSHEP provides affordable, high quality training opportunities to Texas housing and financial counselors.

By investing in the education of housing counselors, the BBVA Compass Foundation is helping ensure counselors are well equipped to prepare Texas consumers for homeownership and other significant financial milestones. Thanks to the BBVA Compass Foundation for its continued support!

Upcoming Events

August 23 from noon to 1:00 p.m. - "Overcoming the Down Payment Hurdle" class hosted by the San Antonio Board of REALTORS® (SABOR). The free, interactive session provides one credit of mandatory continuing education (CE) for REALTORS®.

SABOR Members: Register here. Non-SABOR Members: Register here.

Below are July 2017 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.

Staff Spotlight: An Interview with James Matias

This week we are spotlighting James Matias, Manager of Asset Oversight and Compliance at TSAHC. James has more than 13 years of experience in the housing industry and just celebrated his fifth anniversary at TSAHC this spring.

Rental Housing Prices Remain Out of Reach for Many Texans

The National Low Income Housing Coalition recently released its annual "Out of Reach" report, which calculates the hourly wage a household needs to earn to afford a modest market rate apartment. The report calls this figure the Housing Wage. In Texas, the Housing Wage is $18.38/hour which amounts to $3,186 monthly and $38,234 annually.

You May Be Closer to Buying a Home than You Think

Buying a home is a major purchase, and it’s natural to want to hold out for the perfect home. But just because you can’t afford your dream home right now doesn’t mean you should sit on the sidelines until you can. A recent report commissioned by Bank of America shows that more millennial home buyers are adopting this approach and opting not to wait until they can afford their dream home.

888-638-3555 | www.tsahc.org