Being a first-time homebuyer in Texas has never been more advantageous. Through ACE Home Mortgage’s partnership with TSAHC, first-time buyers have access to exclusive Down Payment Assistance programs that can eliminate the biggest barrier to homeownership – the down payment.
For First-Time Buyers: Your Path to Free Money
The Home Sweet Texas program is specifically designed for first-time homebuyers and offers incredible benefits that can save you thousands:
Down Payment Assistance Options: – Grant funding: Up to $15,000 that never has to be repaid – Forgivable loans: Up to $30,000 that’s forgiven over time – Second lien assistance: Additional funding for closing costs
Real-World Example: Sarah, a teacher in Austin, qualified for $12,000 in Down Payment Assistance on her $280,000 home purchase. Combined with her MCC providing $1,600 annually in tax credits, she saved over $13,600 in her first year alone.
The “Extra Day or Two” Investment
Yes, Down Payment Assistance applications take 1-2 additional days to process. But consider what you’re gaining:
Time Investment: 48 hours Financial Return: $8,000 to $25,000 in savings ROI: Approximately $4,000 to $12,500 per day
Would you work two extra days to earn $10,000? That’s essentially what you’re doing when you choose Down Payment Assistance.
First-Time Buyer Advantages
TSAHC programs offer special benefits for first-time buyers:
- No minimum credit score requirements with certain loan types
- Flexible income limits based on area median income
- Reduced mortgage insurance options
- Below-market interest rates on qualifying loans
Mortgage Credit Certificates for First-Time Buyers
As a first-time buyer, you’re eligible for MCCs that provide: – 15% tax credit on annual mortgage interest – Up to $2,000 per year in federal tax savings – Lifetime benefit for as long as you own the home – Qualification assistance – the MCC counts as income for loan approval
MCC Qualification Example: John earned $65,000 annually but needed $68,000 to qualify for his desired loan amount. His MCC provided $1,800 in annual tax savings, which counted as additional income, allowing him to qualify for the larger loan.
For Real Estate Agents: First-Time Buyers Are Your Goldmine
First-time buyers represent the largest segment of potential homebuyers, and Down Payment Assistance programs help you convert more prospects into closed deals.
Why DPA Programs Boost Your Success:
Expanded Buyer Pool: – Buyers who thought they needed years to save can buy now – Renters paying $2,000+ monthly can often buy for less – Young professionals can purchase before marriage or family changes
Faster Transactions: – Pre-qualified buyers move quickly when they find the right home – Less negotiation over price when buyers have more purchasing power – Reduced fall-through rates due to financing issues
Client Loyalty Benefits: – Buyers remember agents who saved them thousands – Strong referral potential from grateful clients – Enhanced professional reputation in the community
The Qualification Process Made Simple
ACE Home Mortgage streamlines the first-time buyer DPA process:
- Initial Consultation: Determine program eligibility and benefits
- Documentation Gathering: We guide you through required paperwork
- TSAHC Coordination: We handle all communication with TSAHC
- Loan Processing: Simultaneous processing of mortgage and DPA applications
- Closing Coordination: Everything comes together at closing
Income and Purchase Price Limits
First-time buyers often qualify even with higher incomes: – Income limits: Up to 80% of Area Median Family Income (varies by county) – Purchase price limits: Vary by county, often exceeding $400,000 – Special exceptions: Veterans and targeted area purchases have different rules
Don’t Wait – Funding is Limited
TSAHC Down Payment Assistance programs operate on a first-come, first-served basis with limited annual funding. Once the money is allocated, new applicants must wait until the next funding cycle.
Take Action Today: – First-Time Buyers: Contact ACE Home Mortgage for your free DPA consultation – Real Estate Agents: Partner with us to offer your first-time buyer clients access to thousands in free money
Your dream of homeownership is closer than you think – let’s make it happen!
