Down Payment Assistance

  1. linkedin endorsement
    via linkedin: Olivia Simms
    Ivan has been there with me through it all! It’s been almost a year and I must say Ivan has been there still. He made sure that I have been updated with whats going on being a new home owner. Even when I thought I had it together he had good tips that has helped me in every area of my new journey ! Ivan thank you so much I couldn’t imagine the journey without you, You Are Simply The GREATEST!!!
  2. via Yelp - Thao Nguyen
    via Yelp - Thao Nguyen
    I had a great experience purchasing my first home with Ivan’s help. He works with your best interest in mind, to find you the best option of your situation. For me, he went above and beyond to help me with getting documents straighten out that wasn’t really part of his job. Thanks Ivan! A trusted consultant for 10 years in the Mortgage business, I take pride in finding solutions to my clients needs. I love being the “go to” guy for my clients. There’s a good feeling when a past client sends a text message or email asking inquiring about a new mortgage. I know the hard work invested will pay off as time passes on. A little Bit More – let’s connect! lets-connect What People Say About Me – Testimonials Ivan is great at what he does. He helped me finance my first, and was extremely patient. Being that it was my first time, I had no idea what documents I needed, and I didn’t understand real estate lingo. However, Ivan was very patient and explained everything to me probably a couple of times. He also has great customer service. He responds extremely quickly and is on top of everything. He made my first transaction really smooth and easy. We got caught at some bumps in the road but he found a way to help us resolve it. He is a genuinely nice person. He occasionally shoots me an email to see how things are or whether I have any questions regarding anything. He is there to help and I can just tell that he loves his job. Thank you for helping us through our first transaction Ivan! Le Tran I had a great experience purchasing my first home with Ivan’s help. He works with your best interest in mind, to find you the best option of your situation. For me, he went above and beyond to help me with getting documents straighten out that wasn’t really part of his job. Thanks Ivan!
  3. via Yelp! - Le Tran
    via Yelp! - Le Tran
    Ivan is great at what he does. He helped me finance my first, and was extremely patient. Being that it was my first time, I had no idea what documents I needed, and I didn’t understand real estate lingo. However, Ivan was very patient and explained everything to me probably a couple of times.
  4. C Boss
    C Boss
    This experience has been flawless and so easy! Ivan has been a great resource and is so patient with first time home buyers.
  5. Tom Brewer
    Tom Brewer
    I don't know how to thank you. I feel certain that I wouldn't once again be a homeowner without your help.

what our clients say

 Ivan Diaz 

 Mortgage Professional

 [email protected]

What is Down Payment Assistance?

Call Now: (415) 271-7740

This page is here to guide you to the availability of Down Payment Assistance Programs in your area. These prgrams vary widely by the provider. Down payment assistance programs exists in many forms from gifts by the city, municipality or provider to loans. Down payment assistance loans are sometimes payable in 30 yr terms or shorter and sometimes they are forgivable if you keep them long enough. Occassionally, payments are not required until home is sold or refinanced even though they accrure interest. As you can tell, they vary. They vary just as much as the lenders who process them which leads me to my next point. Who offers them?

Lenders who specialize in offering Down Payment Assistance programs are usually approved with the provider. They also originate enough business to justify their commitment to the program. If you are interested in assistance, you can start by looking at my list below or googling "down payment assistance _______"  (add the city you want to buy in) with quotation marks so you don't receive other results.  Look at the guidelines or contact a preferred lender in their list for more information.

I will continually add more information to this site as my research continues. ​

Loan Denied - Credit Help
Loan Denied? Visit my 
Credit Help Center
First Time Home Buyer Mortgages
Don't have 20% Down? I got
​You! 
Get Tradelines Here
BOOST your score! Find out how much! Contact me

Texas State Affordable Housing Corp

The Texas State Affordable Housing Corporation (TSAHC) is a 501(c)(3) nonprofit organization that was incorporated in 1994. TSAHC was created at the direction of the Texas Legislature to serve as a self-sustaining, statewide affordable housing provider. At TSAHC we believe that every Texan deserves the opportunity to live in safe, decent and affordable housing. As the population of our state continues to grow at a record rate, the need for affordable housing in Texas has only increased.  

texas state affordable housing corp

No Down Payment Mortgage
No Money Down Loan Options Here
5 Myths about Credit Cards 
Tasa y Casa Website Coming Soon! Spanish mortgage resource!
Overwhelmed with Information? Download the summary matrix here!
5 myths about credit cards

TSAHC Loans & Down Payment Assistance

The Homes for Texas Heroes  and Home Sweet Texas Home Loan:

The Homes for Texas Heroes Home Loan Program is available for teachers, fire fighters and EMS personnel, police and correctional officers, and veterans.

The Homes Sweet Texas Home Loan Program is available for Texas home buyers with low and moderate incomes.

SETH  - 5 Star Texas Advantage Program

texas first time home buyer

SETH has a mortgage loan program that provides assistance for homebuyers in the form of a gift. The assistance provided by the program can be used for the borrower’s down payment and closing costs. There are several options of assistance available. Borrowers will select the amount of assistance that best meets their needs and loan product. Actual amount of assistance is based on the final loan amount. The maximum amount of assistance provided is the 6% Grant, which is 6% of the total loan amount.

SETH - 5 Start Texas Advantage Program




Overview

  • ELIGIBLE AREAS - State  – Excluding specific areas – (City Limits of: Grand Prairie, El Paso, McKinney.  Travis County)
  • LOAN TYPES:
    Government – FHA, VA, USDA-RD [RHS]
    Conventional – Freddie Mac HFA  Advantage
    No refinance transactions permitted
  • HOME BUYER EDUCATION - required & only the SETH online course is approved.
  • CREDIT SCORE REQ - 640 Credit Score required
  • Cosigners are NOT permitted.
​​

Travis HFC - Hill Country Home Down Payment Assistance

texas first time home buyer

The program is designed to help homebuyers obtain FHA, VA or USDA-RD loan financing to purchase a home anywhere in Travis County, including the City of Austin. A lack of funds for the down payment is often a significant obstacle to homeownership. In an effort to remove this barrier, low to moderate income homebuyers that qualify for the Hill Country Home DPA program will receive a 30-year fixed rate loan, with a non-repayable grant of a total of 4% or 5% of the loan amount to use for down payment or closing cost assistance. Each qualified homebuyer family will receive a gross 4%, 5% or 6% non-repayable grant for down payment assistance and closing costs based on the initial principal balance of the mortgage loan. In each case , a portion is charged by the participating lender, so net down payment assistance ranges from 2.5% to 4.5% depending on qualification.

Travis HFC - Hill Country Home Down Payment Assistance




Overview

  • ELIGIBLE AREAS - Homebuyers may purchase a home anywhere in Travis County, including in the City of Austin.
  • Buyers must occupy the home as their principal residence, and there is no requirement on how long they must live in the home.
  • No refinance transactions permitted
  • HOME BUYER EDUCATION - HUD approved course required for First time home buyers 
  • CREDIT SCORE REQ - Buyers must have a minimum FICO credit score of 640 and maximum 45 debt-to-income (DTI) ratio.
  • INCOME LIMITS - Maximum credit qualifying income may not exceed 140% of area median income, which for 2016 is $108,920.
  • DOWN PAYMENT OVERVIEW - 
Per FHA guidelines, all homebuyers qualifying for down payment assistance with credit score of 660 or higher will receive 4% of the original loan amount to be used for down payment and closing costs, which includes lender compensation of a 1.5% origination fee.

Per FHA guidelines, all homebuyers qualifying for down payment assistance with credit score ranging between 640 and 659 will receive 5% of the original loan amount to be used for down payment and closing costs, which includes lender compensation of a 1.5% origination fee.

The origination fee can be paid by the borrower or the seller.
This assistance is a gift/grant and does not require repayment at any time 

​​

Texas Department of Housing & Community Affairs

texas first time home buyer

The mission of the Texas Department of Housing and Community Affairs is to administer its assigned programs efficiently, transparently, and lawfully and to invest its resources strategically and develop high quality affordable housing which allows Texas communities to thrive.

TDHCA - My First Texas Home 

​​This program allows qualified Texans access to competitive interest rate home loans and down payment and closing cost assistance. Homebuyers who meet the following minimum requirements are eligible to apply for a loan under the program:

  • First time homebuyer or a homebuyer who has not owned a home as primary residence within the past three years;
  • Homebuyer(s) income does not exceed program's income limit guidelines
  • Purchase price of home does not exceed program's purchase price limit guidelines
  • Credit Score/DTI Requirements
  • Government Loans (FHA, VA, USDA) and Conventional (FNMA HFA Preferred) loan products:
  • Minimum 620;
  • Max DTI - No max DTI with DU approve/eligible
  • Manual Underwriting Allowed – 45% Max DTI or Manual

Go to the program  Qualifier Tool

To verify the area median family income (AMFI) figure for your area of the state, please check the  Maximum Income and Purchase Price Limits Table (PDF) . To determine if downpayment assistance funds are available, please visit the  Available Funds  page.
​​

California Housing Finance Agency

cal hfa

For more than 35 years, the California Housing Finance Agency (CalHFA) has supported the needs of renters and homebuyers by providing financing and programs that create safe, decent and affordable housing opportunities for low to moderate income Californians. Established in 1975, CalHFA was chartered as the State's affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds. CalHFA is a completely self-supporting State agency, and its bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars.

Cal HFA - First Mortgages


Conventional Loans
CalHFA Conventional Loan Program 

The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.

CalPLUS Conventional Loan Program 

The CalPLUS Conventional program is a conventional first mortgage with a slightly higher fixed interest rate than our standard conventional program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

Government Insured Loans
CalHFA FHA Loan Program 

The CalHFA FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.

CalPLUS FHA Loan Program 

The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher fixed interest rate than our standard FHA program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

Cal-EEM + Grant Program 

The Cal-EEM + Grant program combines an FHA-insured Energy Efficient Mortgage first mortgage loan with an additional Cal-EEM Grant, making energy efficient improvements even easier. The interest rate on the Cal-EEM is fixed throughout the 30-year term.
llow the link above.

​​

Down Payment Assistance

The money you put "down" or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That's why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.

MyHome Assistance Program 

Offers a deferred-payment junior loan of an amount up to the lesser of three and half percent (3.5%) of the purchase price or appraised value to assist with down payment and/or closing costs.

Extra Credit Teacher Home Purchase Program (ECTP) 

This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools. Applicants must also be first-time homebuyers. Offers a deferred-payment junior loan of an amount not to exceed the greater of $7,500 or 3.5% of the sales price or in CalHFA-defined high cost areas an amount not to exceed the greater of $15,000 or 3.5% of the sales price. Assistance can be used for down payment.
back to top
​​

MCC & Other Partnerships


Mortgage Credit Certificate Tax Credit Program (MCC)


A federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns.


Individual Development Accounts


IDA's are special savings accounts designed to assist low income borrowers on their path toward ownership of a long-term asset, such as a home, through matched contributions by nonprofit organizations and eligible banks. These organizations may offer up to a 3:1 savings match (i.e., if you save $1,000, you will receive an additional $3,000). To find an organization that offers an IDA program please follow the link above.