Hey there! I know buying your first home can feel like a daunting journey, but don’t worry—I’m here to help you navigate through it. Let’s chat about the Texas State Affordable Housing Corporation (TSAHC) and how their programs can assist you in making homeownership in Amarillo a reality.

Program Name

Texas State Affordable Housing Corporation (TSAHC) Home Buyer Programs

Source of Funding

TSAHC is a nonprofit organization established by the Texas Legislature, dedicated to helping Texans achieve their dream of homeownership. Learn more here.

Eligibility Criteria

• Credit Score: A minimum credit score of 620 is required.
• Income Limits: Applicants must meet specific income requirements, which vary based on the county and household size. Check eligibility here.
• First-Time Home Buyer Status: While TSAHC specializes in assisting first-time home buyers, many of their programs are also open to individuals who have previously owned a home.

Benefits

• Down Payment Assistance (DPA): TSAHC offers down payment assistance as a grant (no repayment required) or a deferred forgivable second lien loan (repayment required only if you sell or refinance within three years). More details here.
• Mortgage Credit Certificate (MCC): First-time home buyers can apply for an MCC, which provides a dollar-for-dollar reduction on federal tax liability, up to $2,000 annually.

Potential Drawbacks

• Income and Purchase Price Limits: There are specific income and purchase price limits that applicants must adhere to, which may restrict options.
• Home Buyer Education Course: Completion of an approved home buyer education course is required before closing, which may require time and a nominal fee.

Application Process

1. Eligibility Quiz: Start by taking TSAHC’s online Eligibility Quiz to determine your qualification. Take the quiz here.
2. Contact a Lender: If eligible, reach out to a participating lender who will guide you through the application and approval process.
3. Home Buyer Education: Complete an approved home buyer education course before closing on your home.

Program Availability

TSAHC’s programs are available statewide, including in Amarillo, Texas. See full details here.

Pros and Cons

Pros:

• Flexible Assistance Options: Choose between a grant or a deferred forgivable second lien loan for down payment assistance.
• Tax Benefits: The MCC offers substantial tax savings for first-time home buyers.
• Statewide Availability: Programs are accessible throughout Texas, including Amarillo.

Cons:

• Specific Eligibility Requirements: Income and purchase price limits may limit options for some buyers.
• Mandatory Education Course: The required home buyer education course adds an extra step to the process.

Application Steps

1. Take the Eligibility Quiz: Assess your qualification for the programs.
2. Connect with a Participating Lender: They will assist with the application and approval process.
3. Complete Home Buyer Education: Finish an approved course before closing.

Type of Assistance

TSAHC provides both grants and down payment assistance options.

Program Availability

TSAHC’s programs are currently active and available.

Category

Texas First Time Homebuyer Program

Subcategory

Potter County