SETH 5 Star Texas Advantage Program provides eligible homebuyers Down Payment and Closing cost Assistance when purchasing a home. There are several options of assistance available. Borrowers will select the amount of assistance and loan option that best meets their needs. For Conventional loans, the maximum amount of assistance provided is our 5% Grant, which is 5% of the total loan amount. Borrowers using our Freddie Mac/Conventional mortgage Option meeting our Affordable Income Subsidy Limits may be eligible for an additional Grant up to $2,500 of the loan amount.
Our Government loans have up to 5% Assistance in the form of a Forgivable 2nd lien. The Assistance will be forgiven In equal amounts each month and will be completely forgiven in 3 years. During the 3 year forgiven period, should the Homebuyer sell or refinance, they will repay the portion of the 2nd lien that has not been satisfied.
This Program DOES NOT have a First Time Homebuyer requirement. Buyers must be income eligible and purchasing a home in one of the program areas. All buyers on the mortgage loan will need to complete the on-line SETH homebuyers Education Class.
The mortgage rate for this program is published daily for Lenders on the eHousingplus.com website- visit the SETH Program Page. You must be an approved Lender to provide this program to your clients.
This Program is available for the entire State of Texas except the city limits of El Paso, Grand Prairie, and Travis County.
My Lending Network Team, Southwest Funding LP 1110 N Loop 336 W Ste 400, Conroe, TX 77301
Southwest Funding, LP (Branch NMLS #303417) is an equal housing lender. This is not a commitment to lend or extend credit. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. Contact us for details. Consult your accountant about tax deductions. “NMLS Consumer Access”