Frequently Asked Questions

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MFStpo will work with you to host in-person and/or virtual CE courses for your Texas Realtors! The 1hr free class is from the Texas State Affordable Housing Corporation and the CE Provider is Texas Realtors.

Mortgage brokers can earn up to 1.5% as a borrower-paid broker fee. MFStpo will issue the homebuyers a 1.5% lender credit to offset closing costs. 

In addition, if the mortgage brokerage is processing the loan in-house, the brokerage can collect a processing fee in addition to the 1.5% broker fee. 

If using contract processing, the processing fee will be collected in Box B of the LE/CD.

Current turn times for initial underwriting are at 72hrs. Once you submit your down payment assistance loan, the MFStpo DPA Team will review the loan prior to underwriting submission to make sure the loan is ready and that your homebuyer has the best experience. 

On average, these DPA loans close in 3 weeks. A standard 30 day contract works just fine for your homebuyers.

Yes! We offer multiple mortgage products that benefit first-time homebuyers, including My First Texas Home. To learn more about the extent of the mortgage products we offer, reach out to a member of our team.

Yes, each DPA program has limits. However, you will find the income limits to be very generous in the state of TX.

The DPA programs are available with all loan types: FHA, VA, USDA, Conv. A vast majority of loans utilize the FHA loan program today!

Homebuyers can purchase 1-4 unit properties, townhomes, and double-wide manufactured homes. At this time, condos are not allowed.

The minimum credit score is a 620 for most programs. If the homebuyer is utilizing a conventional loan or a manual underwrite, then the minimum fico is a 640.

MFStpo will work with you to host in-person and/or virtual CE courses for your Texas Realtors! The 1hr free class is from the Texas State Affordable Housing Corporation and the CE Provider is Texas Realtors.

Mortgage brokers can earn up to 1.5% as a borrower-paid broker fee. MFStpo will issue the homebuyers a 1.5% lender credit to offset closing costs. 

In addition, if the mortgage brokerage is processing the loan in-house, the brokerage can collect a processing fee in addition to the 1.5% broker fee. 

If using contract processing, the processing fee will be collected in Box B of the LE/CD.

Current turn times for initial underwriting are at 72hrs. Once you submit your down payment assistance loan, the MFStpo DPA Team will review the loan prior to underwriting submission to make sure the loan is ready and that your homebuyer has the best experience. 

On average, these DPA loans close in 3 weeks. A standard 30 day contract works just fine for your homebuyers.

Yes! We offer multiple mortgage products that benefit first-time homebuyers, including My First Texas Home. To learn more about the extent of the mortgage products we offer, reach out to a member of our team.

Yes, each DPA program has limits. However, you will find the income limits to be very generous in the state of TX.

The DPA programs are available with all loan types: FHA, VA, USDA, Conv. A vast majority of loans utilize the FHA loan program today!

Homebuyers can purchase 1-4 unit properties, townhomes, and double-wide manufactured homes. At this time, condos are not allowed.

The minimum credit score is a 620 for most programs. If the homebuyer is utilizing a conventional loan or a manual underwrite, then the minimum fico is a 640.