Home > Blogs > Henry D > Henry D's (arrakis) Blog

TDHCA Bond 77 Down Payment Assistance Interest Rate Stays Level despite Market Drop Montgomery County

By Henry D

Mortgage and Lending NMLS #209419

May 02, 2011 06:17 AM

Overall Interest Rates drop in Texas but Down Payment Assistance for Bond 77 Interest Rate stay's high

As market rates fall TDHCA Bond 77 Down Payment Assistance Interest Rates remain higher in Texas.

Bond 77 allotment 11 funds are now exhausted. As noted in my previous post in an effort to lengthen the amount of time that Bond 77 Down Payment assistance is available TDHCA has slashed the amount of down payment assistance available to each buyer by 20%.

What does this mean? The average buyer will have come up with $1,000 to as much as $2,500 additional to purchase a home utilizing bond 77.

The rate for the new allotment #11 is now slightly lower at and to take advantage of this program before further cuts in the program you need to fill out our online application here as soon as possible before funds are exhausted. As mentioned on my original post the program will not be re-funded once funds are exhausted.

If you are already working with another lender you will need to contact them to obtain the assistance. If they cannot do bond 77 we will be happy to assist you to qualify using our online application here.

These programs are available through through Select Mortgage Banks as determined by TDHCA, to qualify for these programs you must be able to qualify for a regular FHA Mortgage. If you cannot qualify and be approved by a TDHCA Approved Lender you cannot receive the funds for bond 77. To see if you qualify you may fill out our online application here to start the process or simply call 936-228-1944.

Texas Down payment assistance Interest Rates are set in “LOTS” or allotments. Each lot is good for 90 days. Based on date of sale, borrower must be reserved or must wait for next Lot to be Released.

We offer the TDHCA Bond 77 program as an excellent way for a First Time Home Buyers to purchase a home in Texas to qualify for these programs you may Apply Online here or simply call 936-228-1944 to speak to a Mortgage Banker. Don't Forget you will need to take a HUD approved Home buyer education class to take advantage of this special First Time home buyer down payment assistance programs.

If you have specific questions about Income Caps, Purchase price limits or other details of the program Call our office at 936-228-1944 and speak to a Mortgage Banker. If you are currently working with another lender on your Bond 77 loan please contact your lender directly or TDHCA Directly.