TDHCA Texas Department of Housing and Community Affairs Programs:
The Texas Department of Housing and Community Affairs (TDHCA) created its Texas Mortgage Credit Certificate (MCC) Program and My First Texas Home’s "Taxable Mortgage Program" (TMP-79) for the residents of Texas, to help make ownership of new and existing homes more affordable for individuals and families of low and moderate income, especially first time buyers.
Read more about the program below or use the Lender Locator to find lenders in your area who are currently participating in the program. The list includes address and contact information.
Texas Mortgage Credit Certificate Program
What is a Mortgage Credit Certificate? A Mortgage Credit Certificate allows the homebuyer to claim a tax credit for some portion of the mortgage interest paid per year. It is a dollar for dollar reduction against their federal tax liability.
Who is eligible to receive an MCC? The program is open to those individuals and families who:
Note: The MCC may not be used in connection with the refinancing of an existing loan. Targeted Areas – first time homebuyer requirement is waived; increased income and purchase price limits.
My First Texas Home (TMP 79)
Effective October 2012, TDHCA announced the release of $600 million in homebuyer assistance — the largest amount ever offered by the state — through a new mortgage-backed securities initiative that provides qualifying borrowers a number of advantages over the Department’s previous single family bond program.
My First Texas Home’s "Taxable Mortgage Program" (TMP-79) offers more competitive fixed interest and annual percentage rates while providing down payment and closing cost assistance of 5 percent of the mortgage loan.
Plus, TMP funds can be combined with the Department’s Mortgage Credit Certificate Program, further increasing the home’s affordability. The program features a number of other benefits homebuyers will find attractive; however, current eligibility guidelines still apply.
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To see complete description of these programs, requirements, eligibilities, rules and regulations, please visit http://www.tdhca.state.tx.us/homeownership/fthb/index.htm
To see more of other financing programs, please visit www.TexasFiveStarRealty.com/Types_of_Loans.asp
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