1st Time Buyer Fact Sheet

USDA Government Loan Program

  • Purchased Home must be primary residence
  • Family Income must be less than $ 98,900.00
  • No Down Payment
  • Austin Round Rock MSA Loan Limits same as FHA 305,000.00 Before MIP
  • Monthly Mortgage Insurance only .35% annually ( Saves $ 85.00 to $ 150.00 monthly) versus an FHA Loan
  • 0% funding fee added to mortgage
  • Seller allowed to contribute up to 6.0% of sales price for closing costs
  • Limited to geographic area East Round Rock, Hutto, Leander, Liberty Hill, Kyle, Buda
  • Minimum FICO score is 640 or higher.
  • Must owner occupy the home purchased
  • May be combined with MCC ( Mortgage Credit Certificate) Programs
  • Income limits to 32% of gross annual income allocated for house payment
  • Income limits to 44% of gross annual income allocated for house payment plus monthly debts
  • May Exceed ratios with compensating factors 401K, Job longevity, no payment shock
  • No late payments allowed in the last 2 years
  • Bankruptcy allowed after 2 years from discharge date with reestablished credit
  • Non purchasing Spouse is allowed
  • Married couples will be scored on the lower of the spouses Mid Fico score
  • Foreclosure allowed after 3 years from disposition date

FHA Insured Government Loan

  • Buyer must contribute 3.5% of their own funds
  • 5% contribution may come from Down Payment Assistance programs
  • 5% contribution may come a blood relative gift
  • No limits on family income
  • Austin Round Rock MSA Loan limits are $ 361,100.00 not including MIP Roll-in
  • FHA charges upfront MIP( mortgage Insurance Premium)
  • MIP is 1.75% of amount borrowed may be added back to loan.
  • MIP is also charged monthly .85% of the amount borrowed annually.
  • Seller may contribute up to 6.0% of buyers closing costs
  • If using Bond Down payment assistance seller can still contribute 6.0%
  • Minimum FICO score is 580 but most lenders all requiring 620 or higher
  • All credit Scores between 580 and 660 subject to a .25% discount point premium and 90% LTV
  • Must owner occupy the home purchased
  • May be combined with MCC( Mortgage Credit Certificate) Programs
  • May be combined with 1st time buyer Bond Programs
  • Income limits to 35% of gross annual income allocated for house payment
  • Income limits of 45% allocated for house payment plus all monthly debts
  • May exceed ratios with compensating factors 401K, job longevity, no payment shock
  • May use Non Purchasing Spouse
  • Married couples will be scored on the lower of the spouses Mid Fico Score
  • Bankruptcy allowed after 2 years from discharge date and reestablished credit
  • Foreclosure allowed after 3years from disposition date

MCC (Mortgage Credit Certificate)

  • Must be a 1st time Home Buyer ( Can not have owned a home in the last 3 years)
  • 40% of annual mortgage interest is an up front tax credit
  • Tax Credit is limited to lesser of  40% of annual interest or $ 2,000.00 which is  $ 167.00 monthly
  • Buyers receive a Certificate to take to their employers to adjust with holding in their pay checks
  • Buyer will not owe this back and still gets other itemized tax deductions
  • $ 500.00 application fee
  • May be used with FHA, USDA, or Conventional Loans
  • Must Make under $ 86,000.00 annually 1-2 Persons
  • Must Make Under $ 98,900.00 Annually 3 or more persons.
  • Buyer still gets to itemize and deduct the remaining 60.0% of annual mortgage interest on tax return ( Double Dip the IRS)
  • Funds Limited 1st come 1st serve

State of Texas Bond 79

  • No longer requires being a 1st time buyer
  • 5% Down Payment assistance in the for of a 2nd lien interest free, must be repaid UPON SALE OF HOME
  • Interest rate fixed for 30 years 5.5% subject to change daily.
  • May use with the MCC Program
  • May be used with FHA , USDA, and VA
  • Must have a 640 or higher credit score
  • Family Income cannot exceed $ 81,400.00 annually 1-2 Persons
  • Family Income cannot exceed $ 93,610.00 annually for 3 or more persons
  • FHA loan limits
  • Ratios may exceed 45% up to as high as 57% underwriters discression.

Travis County Bond Money

  • Do not have to be a 1st time buyer.
  • Cannot currently own a Home
  • Total Household Income cannot exceed more than $ 118,000.00 per year
  • FHA Loan Limits
  • 640 or higher credit score
  • May be used with FHA, VA, or USDA, or Conventional
  • Down Payment Assistance is 5.0% of Sales Price
  • No Recapture after 9 Years
  • Current rate is 5.75%

BBVA Compass Zero Down Payment Program

  • Do not have to be a 1st time Home Buyer cannot currently own
  • 620 or higher credit score
  • Family income limits under $ 65,120.00
  • No income limits for low income areas
  • 100% LTV Zero Down
  • Debt to income ratio only .45
  • Imputed payment of 2.0% of student loans total indebtedness
  • No monthly or upfront mortgage insurance
  • FHA Loan limits
  • Up to a 6.0% seller contribution
  • Lender pays up to $ 4,500.00 in closing costs
  • Cannot use MCC with this program

Prosperity Bank
HOPP Loan

  • 100% Financing Zero Down Payment Loan
  • Maximum Sales Price $ 250,000.00
  • No Mortgage Insurance upfront or monthly
  • Only a 600 Mid FICO score to qualify
  • No Origination Fees or Mortgage Fees
  • Moderate Income Limits 1 Person Under $ 57,000.00 annually
  • 2 People under $65,100.00 annually. 3 People under $ 73,250.00
  • Annually, 4 People Under $ 81,400.00 Annually
  • 3 months taxes and insurance for escrows
  • Typical loan closing costs and escrows will run about $ 4,500.00
  • May use an ITIN Persons income with a Spouse having Citizenship or green card.

 

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