In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.1 And while many Americans have rushed to take advantage of this unprecedented opportunity, others
Apr 27 2016 Have You Heard About The Texas First Time Homebuyer Assistance Program
The Texas Department of Housing and Community Affairs (TDHCA) has a variety of mortgage products designed to help more Texans become homeowners. TDHCA-administered programs target first-time homebuyers, veterans, or those who have not owned a home in the past three years.
TDHCA Texas Homeownership Division offers two types of assistance:
30-year fixed low interest rate mortgage loans with up to 5% of loan amount to assist with down-payment and/or closing cost. Mortgage Credit Certificates that provide the home buyer with up to $2,000 every year as a special federal income tax credit based on the interest paid on the mortgage loan.
Who is eligible for the homeownership programs?
TDHCA's homeownership programs are designed for first time homebuyers or homebuyers who have not owned a home as their primary residence within the past three years. Potential homebuyers must also meet program income guidelines and program purchase price limits. Additional credit and underwriting guidelines may apply.
What type of home can I buy?
Any new or existing home in the state of Texas that does not exceed the maximum purchase price limits of the program. All homes purchased under this program must meet certain quality standards
How do I apply for the funds?
TDHCA does not actually loan you the money. The mortgage loan funds are available through a network of participating lender partners located throughout the state.
How do I find a lender in my area?
Visit the Lender Locator to find a lender in your area. If you are already working with a lender, please call the TDHCA Homeownership Division at 1-800-792-1119 to see if that lender's mortgage company is approved to assist with TDHCA's Homeownership Programs. New lenders are always welcome to participate.
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