Are you a first time home buyer in Austin, TX who needs down payment assistance?
The much anticipated TDHCA Bond 77 down payment assistance program in Texas was just released by the Texas Department of Housing & Community Affairs. This is specially targetted for first time home buyers in Texas, to augment and replace previous bond programs.
There is $500 million available in funds for low to moderate income first time home buyers.
There are 2 types:
- Unassisted: a 30 year fixed loan at an interest rate slightly below market rate
- Assisted: a 30 year fixed loan at an interest rate slightly above market rate, but with a second lien that is 5% of the mortgage amount to assist with down payment and closing costs. The second lien has 0% interest!