SETH 5 Star Texas Advantage Program is a mortgage assistance program offered by the Southeast Texas Housing Finance Corporation (SETH). This program aims to make homeownership more accessible for low to moderate-income individuals and families in Texas. Please keep in mind that program details and names may change over time, so it’s essential to visit the official SETH website or contact them directly for the most up-to-date information.
Here are some key features and components of the SETH 5 Star Texas Advantage Program, as of my last update:
- Down Payment Assistance: One of the primary features of the SETH program is down payment assistance. Eligible borrowers can receive grants to cover their down payment and closing costs, making it easier to afford a home.
- Competitive Interest Rates: SETH offers competitive interest rates on mortgage loans, helping borrowers secure affordable financing for their homes.
- Income Limits: To qualify for the program, applicants typically need to meet specific income limits, which are determined based on the size of their household and location. These income limits may vary by county.
- Homebuyer Education: SETH often requires participants to complete a homebuyer education course before obtaining a mortgage through the program. This educational component helps buyers understand the responsibilities of homeownership and the home buying process.
- Eligible Properties: The program is available for the purchase of single-family homes, townhomes, and condominiums. The purchased property must be the borrower’s primary residence.
- Credit Score Requirements: SETH may have credit score requirements, but these can vary depending on the specific mortgage lender working with the program.
- Mortgage Lenders: Borrowers can work with mortgage lenders who participate in the SETH program. These lenders are knowledgeable about the program’s requirements and can guide borrowers through the application process.
- Compliance with Program Rules: Borrowers who receive down payment assistance through the SETH program must adhere to program rules, which often include living in the home as their primary residence and complying with certain homeownership responsibilities.
It’s important to note that program details, eligibility criteria, and offerings may have changed since my last update in September 2021. Therefore, I strongly recommend visiting the official SETH website or contacting them directly to get the most current and accurate information about their mortgage programs, including any updates or changes that may have occurred after my last knowledge update.