Down Payment Assistance
Fairway, as a qualified and approved lender, can you help you make use of these programs set up to help you achieve your goal of home ownership even if the down payment hurdle seems bigger than you can jump. Fairway is equipped to help you over these large hurdles whenever you’re ready.
Below is an overview of the Texas State Affordable Housing Corporation (TSAHC) downpayment assistance program:
- Down payment assistance, grants and 2nd lien options available up to 5% to cover down payment and closing costs
- Home loan programs for eligible heroes
- Programs for first-time homebuyers
- Income limits apply
- Programs for existing and repeat homebuyers
- Minimum credit score: 620 (for government loans) or 640 (for all Conventional loans)
- Eligible loan types: FHA, VA, USDA, or Conventional (Freddie Mac HFA Advantage or Fannie Mae HFA Preferred)
"Loans are what we do, not who we are."- CEO, Steve Jacobson
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This may vary depending upon the specific type of mortgage you are applying for, as different agencies will need to be involved in the process. Typically the process plays out in a month or less, though some will go quicker. It is not uncommon to have the mortgage application processed within 10 days. It is critical that you get the application entirely completed, so that you can avoid any delays along the way.
The main thing that can delay the approval of a loan is failing to properly and completely fill out the applications. It is also important that you be completely honest on the applications, as any discrepancies may cause delays. In addition, changing jobs, having a change in your salary, changing your marital status or taking on additional debt can delay the approval of a loan.
Closing costs include items such as taxes, title fees and hazard insurance. Sometimes what is included in closing costs varies, and it can be impacted by the negotiation process on the sale price of the home, as the homeowners may or may not cover certain closing costs. You’ll want to have some money set aside to cover your closing costs.
Prepaids are items that you as the homebuyer pay at closing. This is a payment before the actual due date. These may be necessary depending upon the details of the closing. They include taxes, hazard insurance and other various assessments.
After you close, you’ll receive a letter that includes all of the dates and information that you need. If you want further details while you are closing, you should inquire about the specific due date of the first payment.
“Loans are what we do, not who we are.”
– CEO, Steve Jacobson