Down Payment Assistance for Texas Homebuyers
Down Payment Assistance Could Make Homeownership More Affordable
The Stump Team helps eligible Texas homebuyers explore Cardinal Financial’s in-house down payment assistance program, which may help cover an FHA down payment and a portion of eligible closing costs without income limits.
Not sure where to start? Tell us about your goals and we'll help you explore your options.
Ready to move forward? Complete your secure Cardinal Financial mortgage application.
The Basics
What Is Down Payment Assistance?
Down payment assistance (DPA) is designed to help eligible homebuyers reduce the amount of cash they need upfront to purchase a home. Depending on the program, assistance may be used toward a down payment and, in some cases, eligible closing costs.
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Reduce Upfront Costs Down payment assistance may reduce the amount of money an eligible homebuyer needs to bring toward a home purchase.
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Help With Down Payment & Closing Costs Depending on the assistance option, funds may help cover the required FHA down payment and a portion of eligible closing costs.
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Buy Without Draining Your Savings Assistance may allow eligible buyers to preserve more of their available savings for moving expenses, home repairs, furnishings, or other needs.
Why Cardinal Elite Is Different
Cardinal Elite is Cardinal Financial's in-house down payment assistance program designed to work with eligible FHA financing. It offers assistance toward the required down payment, with an option that may also provide funds toward eligible closing costs.
Flexible
Credit qualification options
No
Income limits
The Highlights
Why Buyers Love This Program
No Income Limits
Cardinal Elite does not have an income limit for program eligibility, giving eligible homebuyers across a wider range of income levels an opportunity to explore assistance.
Flexible Qualification Options
Eligibility is based on applicable FHA and Cardinal Elite program requirements, along with the homebuyer's overall financial profile.
Down Payment & Closing Cost Options
Eligible homebuyers may have options for assistance toward the required FHA down payment or additional assistance that may also help with eligible closing costs.
First-Time or Repeat Buyers
Cardinal Elite isn't limited to first-time homebuyers. Eligible repeat buyers may also be able to use the program when purchasing a qualifying primary residence.
Designed to Reduce Upfront Costs
Down payment assistance may help eligible homebuyers reduce the amount of cash needed upfront, allowing them to preserve more of their available funds for other homeownership expenses.
Not sure if you qualify?
Have questions about eligibility or which assistance option is right for you? Send us a quick email—we're happy to help.
Email Our TeamStep By Step
How It Works
Cardinal Elite works alongside eligible FHA financing to help qualified homebuyers with upfront costs. Here's a simplified look at how the process works.
STEP 1
Explore FHA Financing
We’ll review your home financing goals and help determine whether FHA financing and Cardinal Elite may be options for your situation.
STEP 2
Select Your Assistance Option
If eligible, we'll help you compare the available assistance options and understand how each may affect your down payment, eligible closing costs, and overall financing.
STEP 3
Down Payment Assistance Is Applied
If program requirements are met, the assistance is provided through a repayable second mortgage and applied toward eligible costs as part of your home financing.
STEP 4
Purchase Your Home
Complete the mortgage and closing process, sign your final documents, and get the keys to your new home.
Good to Know: Cardinal Elite assistance is structured as a repayable second mortgage, not a forgivable grant. Under current program guidelines, the assistance is repaid over a 10-year term and there is no early-sale penalty. Eligibility, terms, and program requirements apply.
Not sure where to start? Tell us about your goals and we'll help you explore your options.
Ready to move forward? Complete your secure Cardinal Financial mortgage application.
Let's Be Honest
Is This Right For You?
Cardinal Elite May Be a Good Fit If You...
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You're Planning to Buy a Primary Residence → You're preparing to purchase a home you intend to use as your primary residence.
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You're Exploring FHA Financing → FHA financing may fit your homebuying goals and overall financial situation.
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You Want to Reduce Upfront Costs → You're looking for options that may help with the down payment and eligible closing costs.
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You're a First-Time or Repeat Homebuyer → Cardinal Elite isn't limited to first-time buyers; eligible repeat homebuyers may also be able to use the program.
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You Meet Applicable Program Requirements → Eligibility depends on applicable FHA and Cardinal Elite requirements, your financial profile, the property, and other qualification factors.
Things To Know
The program follows standard FHA guidelines
Eligible on 1–4 unit properties
Manufactured homes may qualify
Not available in New York
Some restrictions apply in Alaska and South Carolina - not available in NY
Not Sure If Cardinal Elite Fits Your Situation?
The Stump Team can help you review your homebuying goals, explore available financing and assistance options, and understand the program requirements that may apply.
Keep Learning
Explore Related Resources
Explore more resources from The Stump Team to learn about home loan options, first-time homebuying, mortgage calculations, and the financing process.
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Home Loan Programs
Compare FHA, VA, USDA, conventional, and other mortgage options that may fit your homebuying goals.
First-Time Homebuyers
Learn what to expect when buying your first home, from preparing your finances through closing.
Meet The Stump Team
Get to know the team helping homebuyers across San Antonio and Texas explore their home financing options.
Buying in San Antonio or the surrounding area? Explore local considerations including housing costs, property taxes, escrow, insurance, financing options, and helpful property research resources in our San Antonio Homebuyer Guide →
Questions & Answers
Frequently Asked Questions
What is down payment assistance?
Down payment assistance (DPA) is designed to help eligible homebuyers reduce the amount of cash they need upfront to purchase a home.
Depending on the program, assistance may be used toward a down payment and, in some cases, eligible closing costs. Cardinal Elite is Cardinal Financial's in-house down payment assistance option designed to work with eligible FHA financing.
How much assistance may be available?
Eligible homebuyers may be able to choose between 3.5% or 5% assistance, depending on their upfront needs and applicable program requirements.
The 3.5% option may be applied toward the required FHA down payment.
The 5% option includes 3.5% toward the FHA down payment plus an additional 1.5% that may be applied toward eligible closing costs.
The Stump Team can help you compare the available options and understand how each may affect your upfront costs and overall financing.
Who may be eligible for Cardinal Elite?
Cardinal Elite may be available to eligible homebuyers using qualifying FHA financing for a primary residence.
Eligibility depends on applicable FHA and Cardinal Elite program requirements, the homebuyer's overall financial profile, the property, and other qualification factors.
The program is not limited to first-time homebuyers; eligible repeat buyers may also be able to use Cardinal Elite.
Does Cardinal Elite have income limits?
Cardinal Elite does not have an income limit for program eligibility.
Other FHA and Cardinal Elite eligibility requirements still apply, so income is only one part of the overall qualification process.
Can Cardinal Elite help with closing costs?
Yes. The 5% assistance option may provide additional funds toward eligible closing costs.
Under the current program structure, 3.5% is applied toward the required FHA down payment and an additional 1.5% may be applied toward eligible closing costs, subject to program requirements.
Is Cardinal Elite a grant or a second mortgage?
Cardinal Elite assistance is structured as a repayable second mortgage, not a forgivable grant.
Under current program terms, the assistance is repaid over a 10-year term. There is no early-sale penalty, although applicable loan and program requirements still apply.
What property types may qualify for Cardinal Elite?
Cardinal Elite may be available for eligible 1–4 unit properties that meet applicable FHA and program requirements.
The property must be used as your primary residence. Manufactured homes may also be eligible when applicable FHA and Cardinal Elite requirements are met.
Property type, occupancy, and other eligibility requirements are reviewed as part of the home financing process.
Ready to See If Down Payment Assistance May Be Right for You?
We'll review your goals, explain the available assistance options, and help determine whether this program fits your situation.
Not sure where to start? Tell us about your goals and we'll help you explore your options.
Ready to move forward? Complete your secure Cardinal Financial mortgage application.
