360 Mortgage Group LLC, a privately owned mortgage banker with a focus on third-party origination, says it is now the exclusive provider of the Southeast Texas Housing Finance Corp.'s (SETH) Five-Star Texas Advantage Program – Option 3.
The SETH program, previously unavailable to mortgage brokers, offers access to a 3% grant on Federal Housing Administration (FHA), Veteran Affairs (VA), or U.S. Department of Agriculture (USDA) government loans. According to 360 Mortgage, this will lower borrowers' down payments to 0.5% of their own funds.
The SETH 5 Star Texas Advantage Program – Option 3 guidelines are as follows:
áÂ Â Â Home purchase price cannot exceed $250,200;
áÂ Â Â Minimum 0.5% from the borrower's own funds cannot be gifted;
áÂ Â Â Minimum 600 FICO score;
áÂ Â Â Debt-to-income ratio not to exceed 45%;
áÂ Â Â Income limits restricted by county, regardless of family size;
áÂ Â Â Rate/term and non-first-time home buyers permitted; and
áÂ Â Â Available only on Texas properties, except in the cities of El Paso, Grand Prairie and McKinney.