Just when you thought the First Time Home Buyer Credit was gone Texas Pulls an Ace Called the TDHCA Bond 77 Program
Late-May Just in time for Memorial day TDHCA will be releasing a new bond program which is a new Zero Down Home Loan and to help buyers with their down payment when purchasing a a home. The name of the program is "Bond 77" and it is the largest allotment from the State of Texas to date. It is said to be stocked with $500 million in funding. This is just in time to fill the vacuum left behind by the Federal $8,000 First Time Home Buyer Tax credit. With generous income limits and available to both first time and existing home buyers this alternative for down payment will certainly be a home run.
The interest rates will be locked for 30 years. The Fees will be severely restricted so it will be good for borrowers. It will provide up to 5% towards the down payment and closing costs. This will be treated as a silent Second Lien that will have no interest, No payments and does not have to be repaid as long as the borrower resides at the primary residence. It is available to, depending on the area, first time AND existing home buyers.
Note: this is NOT a permanent program and funds will be allotted on a first come first serve basis and when funds run out the program will terminate when funds are exhausted. Details of the program are located here.
To find out if you are in a targeted area or if you have any additional questions feel free to call our office at (832) 519-0695
There are additional Programs in the After tax Credit world. Click Here to learn more
Sincerely,
Henry Daniels - Sr. Mortgage Banker & CMPSI Certified Mortgage Coach
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