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.