360 Mortgage Group LLC announced that it has been named the exclusive provider of the Southeast Texas Housing Finance Corporation’s (SETH) 5 Star Texas Advantage Program—Option 3 to lenders, who now have the capability to provide this product to their mortgage brokers. The SETH program, previously unavailable to mortgage brokers, offers access to a three percent grant on FHA, VA, or USDA government loans, which will lower a borrower’s down payment to 0.50 percent of their own funds. The program is only available on Texas properties, except in the cities of El Paso, Grand Prairie and McKinney.
“360 Mortgage is excited to offer our mortgage broker partners access to the SETH program. This is a great program for mortgage brokers to help clients purchase a more affordable home and expand their business,” said Mark Greco. “360 Mortgage is committed to the wholesale channel, and will continue to offer products with competitive pricing, while supporting the mortgage broker community with best-in-class technology and service.”
SETH 5 Star Texas Advantage Program—Option 3 Guidelines:
►Home purchase price cannot exceed $250,200.
►Minimum 0.50 percent from the borrower’s own funds cannot be gifted.
►Minimum 600 FICO score.
►DTI not to exceed 45 percent.
►Income limits restricted by County regardless of family size.
►Rate/term and non-first time home buyers permitted.
►Available on Texas properties, except in the cities of El Paso, Grand Prairie and McKinney.
“360 Mortgage is always working to expand its product portfolio to provide mortgage brokers with the best mortgage solutions for their customers. The SETH program does just that,” said Greco.