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The Texas State Affordable Housing Corporation (TSAHC) has recently made available $35 million dollars for the Professional Educators Home Loan Program, with an additional $65 million of funding expected in 2007. Through the program, eligible borrowers are able to apply for a below-market 30-year fixed-rate mortgage loan plus closing costs and down payment assistance in an amount equal to 5 percent of the mortgage loan amount (example: $100,000 loan, $5,000 assistance). The assistance is being offered as a grant to the borrower and is available on a first come, first-served basis.
The program is open to full-time teachers, counselors, librarians, nurses and teacher’s aides employed in a Texas public school, who are eligible first-time homebuyers or have not owned a home in the past three years.
Eligible professional educators are able to apply directly through an approved participating mortgage lender in their area. For further information, including a lender list, visit the Texas State Affordable Housing Corporation online or call the corporation at (512) 477-3555 or (888) 638-3555.
Web posted: 03/28/07
