Texas Department of Housing and Community Affairs or (TDHCA) Acts as a pipeline for federal grant funds for housing and fund other city, county and community services. Programs are designed primarily for low to moderate income families and include:
- Texas First Time Home-Buyer Programs
- Mortgage Credit Certificate Programs
- Texas Home Buyer Education Programs
Texas First Time Home Buyer Program
With this program all of the funds are available through a network of participating lenders on a first-come first-serve basis. There are set allowable fees the program allows these lenders to charge, and a $75 fee by the program for a compliance review. All loans are sold to and serviced by Countrywide Bank.
In Denton County, and other non-targeted areas in order to qualify for the Texas First-Time Home Buyer Program borrowers:
- May not have owned a home as their primary residence in the last 3 years.
- Must be purchasing as your primary residence.
- The buyer(s) current income must not exceed program limits.
- The purchase price, not the mortgage amount - of the home must not exceed the program limits. In Denton, Tarrant, Dallas, and Collin County the maximum purchase price at this time is $237,031.
If the purchasers are in compliance they can receive:
- A low 30-year fixed-interest rate mortgage. At the time of this posting Unassisted was 5.75%, and Assisted at 6.5%.
- Grant funds for up to 5% of the mortgage amount for down-payment and/or closing cost assistance for income eligible borrowers.
Read the Full Story at My Denton County Real Estate
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