1205 W. Abram Street Suite 100
Arlington, Texas 76013

Office: 817-860-3232

LegacyCare™

Your All-Inclusive
Real Estate Benefit Plan

SPECIALIZED HOUSING PROGRAMS AND
COMMUNITY / MUNICIPAL DOWN PAYMENT ASSISTANCE PROGRAMS

OVERVIEW


Legacy Financial offers access to hundreds of loan programs in the marketplace, many of which are designed specifically for targeted “employment” segments and income groups of the population in an effort to provide our country’s valued workers the tools they need to overcome obstacles in their journey towards homeownership.

 

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS

The Texas Department of Housing and Community Affairs (TDHCA) offers a Downpayment Assistance Program which is 5% of the loan amount in assistance and a Mortgage Credit Certificate program for Professional Educators, Heros, and low income families.  Home buyers may receive an up to $2000 tax credit every year for the life of the loan.   Applicants must meet certain criteria as it relates to:

  • Professional employment criteria
  • Income
  • Price of home to be purchased
  • Lender’s underwriting criteria
  • Homeownership status
  • Residency
  • Household income per geographic region

Other program terms include:

  • 30 year term
  • Fixed rate
  • 1st Time Homebuyer requirements apply
  • No minimum requirements for length of time on job

 

   PROFESSIONAL EDUCATORS

A Texas Professional Educator is defined as: A full-time classroom teacher, full-time paid teacher’s aide, full-time librarian, full-time counselor certified under Subchapter B, Chapter 21, Education Code, full-time school nurse, or allied health or professional nursing program faculty member.

  HEROES

A Hero is defined as: A full-time, paid Fire Fighter, Corrections Officer or Juvenile Corrections Officer, County Jailer, Public Security Officer, Peace Officer, or Emergency Medical Service Personnel who works and resides in the State of Texas. 
 
 
MILITARY PERSONNEL AND ELIGIBLE VETERANS

(1) Veterans Administration

The main purpose of the VA home loan program is to help veterans finance the purchase of homes with favorable loan terms and at a rate of interest which is competitive with the rate charged on other types of mortgage loans. For VA housing loan purposes, the term “veteran” includes certain members of the Selected Reserve, active duty service personnel and certain categories of spouses.

Some of the benefits of the VA loan include:
  • Equal opportunity provided to all veterans without regard to race, color, religion, sex, handicap, familial status or national origin
  • Zero down payment option
  • Negotiable fixed and adjustable interest rate options competitive with conventional mortgages
  • Limitations on buyer’s closing costs
  • Seller contributions allowed up to 4% of the sales price
  • Assumable mortgage to qualified buyers
  • No prepayment penalty
  • Home warranty requirements for new construction
  • Forbearance extended to worthy VA homeowners experiencing financial difficulty
  • Can be used in conjunction with other subsidy assistance or down payment assistance programs
(2) Texas Veterans Land Board

The Texas Veterans Land Board (TVLB) offers its Veterans Housing Assistance Program (VHAP) to provide financing up to $240,000 toward the purchase of a home to qualified Texas veterans.

Some of the requirements are:
  • TVLB will guarantee the interest rate up to $240,000, usually discounted below current market rates by about 0.375-0.50% subject to certain conditions
  • The VHAP must be originated in conjunction with FHA, VA or conventional financing
  • For use for purchase transaction only
  • For use with 15, 20, 25 or 30 year terms
  • Escrows required
  • Co-signers or guarantors accepted under certain conditions
  • Two-notes allowed for financing over $240,000 under certain conditions
CITY OF ARLINGTON

The City of Arlington has two primary down payment assistance programs for qualified applicants.
  • Arlington Homebuyers’ Assistance Program (AHAP) provides down payment and closing cost assistance to low and moderate-income homebuyers.
  • Neighborhood Stabilization Program (NSP)
Arlington AHAP program allows for:
  • $7500 forgivable loan for down payment and closing cost assistance
  • $10,000 in assistance is available in designated revitalization areas
  • 0% interest deferred payment fully forgiven after 5 years
  • First time homebuyer requirements apply
  • Income and asset limits apply
  • Property must be for owner-occupancy and located within the City of Arlington
  • Must work with approved participating lender
  • HUD certified homebuyer counseling required
  • City inspections required and property must meet HQS standards

Arlington NSP allows for:

  • Up to $24,500 for home improvements
  • Closing costs paid by City of Arlington
  • Must be a foreclosed property in certain areas within the City of Arlington
  • Other qualifications for AHAP apply
TARRANT COUNTY HOUSING PARTNERSHIP

The mission of Tarrant County Housing Partnership (TCHP) is to revitalize distressed neighborhoods in Tarrant County and increase the amount of decent, safe, and affordable housing available to low and moderate-income families and individuals with special housing needs.

TCHP has several homebuyer programs including:

  • Down payment and closing cost assistance available in Tarrant County and Arlington outside the city limits of Fort Worth
  • ADA Barrier Removal Program offered to disabled individuals or families who have a disabled member living in the household
  • Free HUD-certified counseling services for Credit Counseling, Pre-Purchase Counseling, Homeownership Certificates, Budget Counseling, Homebuyer Orientations and Workshops
  • Acquisition / Rehab / Resale Program to purchase homes from HUD at a discount and rehab and resale at reduced prices to qualified buyers
  • New Construction Program to build new homes at reduced prices and then pass along the reduced cost to qualified buyers

CITY OF FORT WORTH


The City of Fort Worth’s Down Payment Assistance Program (DPAP) and Neigborhood Stabilization Program (NSP) provides low to moderate-income families affordable homeownership opportunities.

The City of Fort Worth DPAP program allows for:

  • Forgiveable loan for down payment and closing cost assistance
  • $14,999 in assistance is available in designated revitalization areas
  • 0% interest deferred payment
  • First time homebuyer requirements apply
  • Income, asset and qualifying ratios apply
  • Property must be for owner-occupancy and located within the City of Fort Worth
  • Must work with approved participating lender
  • HUD certified homebuyer counseling required
  • City inspections required and property must meet HQS standards

Fort Worth NSP allows for:

  • Up to $20,000 for home improvements
  • $5000 in closing cost assistance
  • Must be a foreclosed property in certain areas within the City of Fort Worth
  • Other eligibility requirements for the DPAP program apply

For more information on your home loan, please contact a LegacyCare loan consultant at 817-860-3232 or you may email us at Joylynn.Bates@myccmortgage.com.