The Texas State Affordable Housing Corporation (TSAHC) is now offering a lower mortgage loan interest rate of 3.5 percent to Texans interested in purchasing a home using the Professional Educators Home Loan Program. The lower interest rate also is available with a grant equal to 5 percent of the loan amount, which can be used towards a downpayment and closing costs.
To qualify, the educator must be a full time classroom teacher, teacher assistant, librarian, nurse or counselor employed by a public school district in the state of Texas; or a full time faculty member of either an undergraduate or graduate professional nursing or allied health program in Texas. Additional Qualifications include:
- Meet the income and home purchase price limits;
- Complete a HUD-approved homebuyer education course prior to closing on the home loan; and
- Reside in the State of Texas.
To apply, inquire with a mortgage lender listed on the TSAHC’s Web site at www.tsahc.org or contact TSAHC directly at 888-638-3555.
(Note that the TSAHC has similar programs for firefighters, emergency medical services personnel, peace officers, corrections officers, juvenile corrections officers, county jailers, and public security officers, as well as programs for low-income individuals. See their Web site for more information.)