GSB Mortgage, Inc. Assistance Programs
GSB Mortgage partners with several organizations to assist borrowers in the mortgage process. Ask your loan officer about options today.
Denton Housing Assistance Program
The City of Denton helps low-and-moderate-income families with the down payment assistance and closing costs to buy their first home. Assistance is in the form of a forgivable loan at 0% interest for five years.
HELP Program through FHLB
FHLB Dallas has set aside $3 million of its 2022 AHP funds for the Homebuyer Equity Leverage Partnership (HELP) program. Through member institutions, HELP assists low-income-qualified, first-time homebuyers with down payment assistance and closing costs. These funds are available statewide.
SETH Program through Gateway Bank (Investor)
The SETH GoldStar Program provides assistance in the form of a forgivable 2nd lien. The maximum amount of Assistance to be provided is 7% and is based on the final loan amount. Assistance funds are provided with our 3 Year, 7 Year or 10 Year Community Second Liens. The Assistance is considered forgiven at the end of the Community Second Term. Your Loan Officer can help you decide which option is the best choice for you. These funds can be used toward your down payment and closing costs. The program also provides a 30-year fixed rate mortgage. Mortgage options are FHA, VA, USDA and Conventional. There is no pre-payment penalty or federal recapture tax for the mortgage loan. This program is available in Texas but outside of Travis County and the city limits of El Paso, McKinney and Grand Prairie. Buyers must be income eligible and will be required to complete the SETH on-line Homebuyer Education Course.
Fannie Mae HomeReady Mortgage Program
The HomeReady Program is designed to serve today’s credit-worthy low-income borrowers. Homeownership Education is required. Ideal HomeReady Borrowers are:
• Low Income
• First-time or repeat homebuyers
• Limited cash for down payment
• Credit score > 620; borrowers with credit scores > 680 may get even better pricing
• Supplemental boarder or rental income
• Looking to purchase or refinance
Freddie Mac Home Possible Mortgage Program
The Freddie Mac Home Possible mortgage offers more options and credit flexibilities than ever before to help very low-to low-income borrowers attain the dream of owning a home.
In addition to its down payment requirement of as little as 3%, Home Possible now offers more options to responsibly increase homeownership. Co-borrowers who do not live in the home can be included for a borrower’s one-unit residence, borrowers are permitted to have another financed property, and more –all with competitive pricing and the ease of a conventional mortgage.