Courtesy of the City of McKinney
The City of McKinney Housing & Community Development Department has announced the city has been added to the Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program.
The SETH 5 Star Program makes homeownership possible for families and individuals wanting to purchase a home in McKinney by providing support for down payment and closing costs. The program provides qualified buyers a grant for up to 6 percent of the total loan amount. The grant can be used toward a buyer’s down payment and closing costs. Mortgage options include 30-year fixed rate FHA, VA, USDA, and conventional financing. The program is intended to assist a broad range of families that include middle- and low-income households.
With this program, there is no first time homebuyer requirement. All borrowers on the mortgage loan must complete the SETH on-line Homebuyer Education Course. The program can be used for the purchase of single-family homes, townhomes, condominiums, and owner-occupied properties containing up to four units. Interested homebuyers can find more information about the program here.