TDHCA 77 BOND

TDHCA 77 Bond

Down Payment Assistance

 

TDHCA 1st Time Homebuyer Program

Location Served: Texas

Provider: Texas Department of Housing & Community Affairs

Approved Lender: New American Funding – (512) 524-8077

Website

 

TDHCA Texas First Time Homebuyer Program

 

The Texas Department of Housing and Community Affairs (TDHCA) has designed a first-time homebuyer program that will release $500 million in funding to Texas first-time homebuyers. This program was developed to assist low to moderate income individuals and families who are looking to purchase their first home.
 
 
There are two types of home loan programs available under the TDHCA First Time Homebuyer Program. The first mortgage option is what the Texas Department of Housing and Community Affairs calls an “assisted loan.” An assisted loan is a 1st lien mortgage made available at an interest rate slightly higher than the current market interest rate. This option provides down payment and closing cost assistance. The TDHCA provides a down payment and closing cost amount equivalent to 4 percent of the total mortgage amount. This funding is available in the form of a 2nd lien, 30-year, and 0 percent interest loan. While no monthly payments are mandatory, the amount of assistance is owed and payable in full upon sale, refinance or repayment of the 1st lien mortgage. TDHCA’s assisted loans are for qualified borrowers earning no more than 115 percent of the area’s median income and no more than 140 percent of the area’s median income if buying a home in a targeted area. Median family incomes are dependent on family size; therefore, review the TDHCA’s “combined income and purchase price limits table” for more information.
 
 
The second type of home loan program available under the TDHCA First Time Homebuyer Program is an “unassisted loan”. Different than an assisted loan, an unassisted loan is available at an interest rate slightly below the current market interest rate and does not include financing for closing cost or down payment assistance.
 
 
TDHCA First-Time Homebuyer Program Details
 

  • All 1st lien mortgages are available at a 30-year, fixed-rate
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  • Interest rates offered under this program will change periodically depending on the industry’s market rates at the time the loan is registered
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  • All borrowers must attend a Homebuyer Education course prior to receiving a home loan through this program

 
If you have any additional questions regarding home mortgages, please contact a mortgage expert by filling out the form on the right or calling (512) 524-8077. You can also email Team@CandyBuzan.com.

This website marketing is not intended to offer loan services for properties in New York.