SETH HFC Bond Program
*****ATTENTION: This program is fully originated. There is no more money available. We will be sure to announce if/when this program opens back up again.*****
If you’ve ever dreamed of owning your own home but felt that buying a home was a little beyond your reach, the Southeast Texas Housing Finance Corporation may make your dream easier to achieve with their ownership program. This program offers a 30-year fixed rate mortgage and a second mortgage available for down payment and closing cost assistance.
The non-targeted areas eligible in this program include Austin, Brazoria, Chambers, Liberty, Matagorda, Wharton & Walker Counties and the Cities of Baytown, Shoreacres, La Porte, Deer Park, Pasadena, Tomball, League City, Santa Fe, Texas City, Dickinson, and La Marque. The targeted areas include the City of Pasadena, Walker County, and Wharton County.
To qualify for a SETH HFC Bond Program loan you must meet the program the program requirements listed below.
Any of the following listed below qualify as a first-time buyer
*A person who has not owned and occupied their principal residence in the last 3 years.
*A person who has never owned their principal residence.
*A qualified military veteran.
*A person purchasing a home in a Targeted Area
And you must also:
*Be credit worthy, there are minimum credit scores in this program.
*Have a fully executed sales contract for a specific property.
Properties must also be able to qualify in the program. What qualifies - New or existing, one to four unit, detached or attached, condo and manufactured homes.
What homes do not qualify? Mobile, recreational, seasonal or other type of vacation or non-permanent homes are not permitted in the program.
Fees in the program
Lenders may charge 1.00% as origination or discount fees but not both. They may not charge additional points.
There is a $225 Bond Application Fee payable at closing by the buyer or seller.
Income Limits
There are income limits in this program. You must include the income of everyone who will reside in the property who is 18 years of age or older (even if they will not be party to the mortgage).
 |
Non-Targeted Areas |
|
Targeted Areas |
|
County |
1-2 persons |
3 or more persons |
1-2 persons |
3 or more persons |
Austin |
$67,678 |
$77,830 |
$74,520 |
$86,940 |
Brazoria |
$76,700 |
$88,205 |
$92,040 |
$107,380 |
Chambers, Liberty, & Waller Counties, and the Cities of Baytown (Chambers Couty & Harris County), Deer Park (Harris County), Dickinson (Galveston County), La Marque (Galveston County), La Porte (Harris County), League City (Galveston County), Pasadena (Harris County), Santa Fe (Galveston), Shoreacres (Harris County), Texas City (Galveston County) and Tomball (Harris County) |
$66,898 |
$76,933 |
$79,200 |
$92,400 |
Matagorda |
$59,500 |
$68,425 |
$71,400 |
$83,300 |
Walker |
$61,320 |
$71,540 |
$71,400 |
$83,300 |
Wharton |
$63,840 |
$74,480 |
$71,400 |
$83,300 |
Purchase Price Limits
Qualified properties in the program have purchase price limits. The limits below are only for 1 unit, non-targeted areas.
|
Non-Targeted Areas |
Targeted Areas |
One Unit |
$247,032 |
$301,929 |
Two Unit |
$316,252 |
$386,531 |
Three Unit |
$382,238 |
$467,179 |
Four Unit |
$475,063 |
$580,632 |
Participating Lenders
Listed below are the loan officers who’ve been actively participating in this bond program. This list is updated on a monthly basis.
(1-23-12)
Institution |
Name |
Phone Number |
|
Cornerstone |
Brian Vega |
bvega@houseloan.com |
713-744-1260 |
Cornerstone |
Kimberly Harmon |
kharmon@houseloan.com |
281-984-4055 |
Cornerstone |
Russell Preston |
rpreston@houseloan.com |
281-236-5997 |
Cornerstone |
Stephen Clark |
sclark@houseloan.com |
832-640-0298 |
Hometrust |
Beverly Mallios |
bmallios@hometrust.com |
281-333-3343 |
Hometrust |
Renee Demaret |
rdemaret@hometrust.com |
281-333-3343 |
Hometrust |
Russell Schroede |
rschroeder@hometrust.com |
281-333-3343 |
Patriot Bank Mortgage |
Donna Lalumandier |
dlalumandier@patriotbankusa.com |
979-299-3066 |
Patriot Bank Mortgage |
Lucy Gurley |
lgurley@patriotbankusa.com |
888-785-5474 |
PrimeLending |
Beatriz Palominos |
bpalominos@primelending.com |
888-785-5474 |
PrimeLending |
Damon Ford |
dford@primelending.com |
281-990-8100 |
PrimeLending |
Deana McClellen |
dmcclellen@primelending.com |
832-939-8328 |
PrimeLending |
Kent Phillips |
kphillips@primelending.com |
281-212-8920 |
PrimeLending |
Lauri Coppock |
lcoppock@primelending.com |
281-212-8910 |
PrimeLending |
Luisa Rowsey |
lrowsey@primelending.com |
281-480-8914 |
SWBC |
Bill Flores |
bflores@swbc.com |
281-480-3700 |
SWBC |
John Bradley |
jbradley@swbc.com |
281-480-3700 |