Texas First Time Homebuyer Program (Bond Program 77) just announced!

By
Real Estate Agent with Realty Austin

 

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.

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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!

 

The official TDHCA web site is located here.  Take a look at this document for participating lenders, or contact me for assistance.

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Topic:
Lending / Financial
Location:
Texas Travis County Austin
Groups:
Austin Texas Realtors
Tags:
down payment assistance
austin real estate agent
austin home buying
austin first time home buyer
tdhca bond 77
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Anonymous
John McCellan

 

Shawn,

It is 500 million....not 50. you can check out my blog at www.austinrealestatedaily.com for the specifics...

 

john McClellan

May 21, 2010 02:40 AM #1
Rainer
114,303
Shawn Rooker
Realty Austin - Austin, TX

John,

 

Thank you for pointing that out, but I was going by the "funds available" page the TDHCA has, here,

that sets forth $50 million.  Am I incorrect?  I know the main page claims $500 million, but that one zero is very important!

I really enjoy your blog by the way, you always seem to have the freshest loan program information.

How can I resolve this "zero", do you have other information?

May 21, 2010 02:57 AM #2
Rainer
114,303
Shawn Rooker
Realty Austin - Austin, TX

Ok, fixed.  TDHCA will show the current ~$48 million available, as the funds are released in "lots".  I spoke to someone from the agency and they have a total budget of $500 million.  Go submit those loan applications!

May 21, 2010 04:10 AM #3
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Shawn Rooker

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