Texas Deparment of Housing and Community Affairs - TDHCA

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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Henry J Daniels, Senior Mortgage Banker & Certified Mortgage Coach for Gold Star Financial he specializes in educating clients on the new realities of today's mortgage lending market and providing solutions to all of your home financing needs.  He was the first Certified Mortgage Coach in the State of Texas and  If you need FHA, VA, USDA, Conventional, Jumbo, Construction or FHA 203k mortgage in Montgomery County, Harris County, Fort Bend County, Brazoria County, The Woodlands Tx, Conroe, Lake Conroe, Livingston, Lake Livingston, Houston, Katy, Pearland,  Humble, Kingwood, Galveston, Tomball or anywhere in Texas he can help you understand all of the options available and provide you with true financing choices.  You may confidentially contact him through these links or at (936) 228-1944.

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This post has been included in Texas Real Estate News

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