Downpayment Assistance Program
We work with a public benefit corporation to offer homebuyer assistance to qualified homebuyers for the purchase of homes throughout the state of Texas except for the cities of El Paso, Grand Prairie, McKinney, and Travis County. The program offers 30 Year fixed rate loans with a maximum of 7% of the final loan amount as assistance that can be applied toward downpayment and/or closing costs.
- Effective 1/1/22, the maximum purchase price limit is $492,500. Actual maximum limits vary by county throughout the state.
- Fico credit scores as low as 620 allowed.
- A homebuyer education course must be completed to qualify for assistance.
I’ve worked with Jay Hurst on several loans. Jay is extremely knowledgeable and helpful, and was able to advise me on the options for my recent purchase. Great guy to have on your side, and great rates!
Hurst Lending was very easy to work with and stayed in constant contact with me throughout the loan process so I never had to wonder what the status of the loan was.
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Former Pro Football Player & Coach
Downpayment Assistance Structure
This assistance is structured as a second loan with 3, 7, or 10 year terms with principal deferred and no accrued interest. This is not a bond loan.
3 Year Term
Forgiven in full on the maturity date of 3 years. This is available for government loans only (VA and FHA).
7 Year Term
Repayment obligation for the 7 year option is “forgiven” in equal monthly increments after year 2 and will be 100% forgiven at maturity of the note. This is available for both government and conventional loans.
10 Year Term
Repayment obligation for the 10 year option is “forgiven” in equal monthly increments after year 5 and will be 100% forgiven at maturity of the note. This is available conventional loans only.
Not Just Lenders - Problem Solvers!
Lots of mortgage lenders can offer a good rate on a conventional loan. We can too – in fact, our rates are some of the best around.
The difference? Hurst Lending finds ways to make the deal work when your mortgage needs are outside the “conventional loan” box.
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