TDHCA First Time Buyer Bond Program…Down Payment Assistance Available
The Texas Department of Housing and Community Affairs has officially release Bond 77, so see if your cities income limits and other overlays make you an applicant for such a program (Frisco, Plano, Prosper, Little Elm, and Irving). First time buyers can get down payment assistance. Check with Your Mortgage Guy for Life for more details.
- Bond reservations cannot be made without a complete application and signed contract
- First time Homebuyer -Buyer must provide 3 years signed tax returns (2007, 2008 and 2009)
- FHA loans only owner occupied only
- Assisted program is 5.74% fixed rate – with 30 year second lien for 5% of the TOTAL loan amount – no interest – MUST be repaid upon sale; refinance or when no longer primary residence
- OR Unassisted program is 4.99% fixed rate no DPA offered – only the lower rate
- 1 bond discount point 1 origination fee and $325 bond application fee – bond fees are APR fees and disclosed in Box 3 of GFE.
- cannot charge above 1% origination fee. Cannot charge mortgage broker fee
- ALL borrowers must complete an approved Homebuyer Education class – online is acceptable
- Income limit 100% AMFI and 115% AMFI – see chart based on family size
- Income tax recapture provisions apply
- Income of all parties occupying the home AND signing the deed of trust counts towards bond limits
- Non Purchasing spouse must sign bond docs
Click Below to see the chart for qualification purposes or click here to see the TDHCA site directly.
Bryan
I am purchasing a residential lot for my planned home that will not start construction for sometime due to the fact that we aren’t ready.
Is there any no down or low down lot loans out there Or any loans where no payments are due till construction starts?
Thanks, Bryan
admin
Bryan, sorry to just get back to you. When I first saw you commented, I was not in front of the computer, and then after a vacation, it slipped my mind. Lot loans are not popular these days, as you may have found out already. Your best bet is to locate a smaller local bank and see what they can do, or look for a one time close. I may have blogged about one time closes, so if you go into my site here at https://yourmortgageguyforlife.com and use the search terms “one time close”, you can search those topics and see what you get. Best of luck Bryan! Let me know if you need anything else ok?
8Game.ir
Thanks very interesting blog!