NO FIRST TIME HOMEBUYER REQUIREMENTMORE ASSISTANCE & MORE OPTIONS LOWER RATES & LOWER FEES
The HomeStar Program provides assistance in the form of a forgivable 2nd lien. The maximum amount of Assistance to be provided is 8% and is based on the final loan amount. The Assistance is forgiven equally each month and is considered completely forgiven after 7 years. Funds can be used toward your down payment and closing costs. The program also provides a 30 year fixed rate mortgage. Mortgage options are FHA, VA and Conventional. There is no pre-payment penalty or federal recapture tax for the mortgage loan.
This program is available in Texas but outside of Travis County and the city limits of El Paso and Grand Prairie. Buyers must be income eligible (see below) and will be required to complete the SETH on-line Homebuyer Education Course.
The mortgage rate for this program is published daily for Loan Officers by 360 Mortgage Group. Lenders wishing to join the program must have an established correspondent relationship with 360 Mortgage.
- No First Time Homebuyer Requirement
- Minimum FICO Score of 620
- DTI up to 50%
- Maximum Sales Price: $275,665 – $424,100
- Conventional Options with No Monthly MI
- Meet Program Income Limits
- Obtain Mortgage and Assistance Approval from Lender
LENDER TOOL BOX
For more information, please contact:Rhonda Mitchell : 281.484.4663 ext. 110