State releases $160 million in homebuyer funds, waives homebuyer status rule for Texas veterans
TDHCA has released $160 million in homebuyer funds through its popular First Time Homebuyer Program which offers home loans with interest rates beginning as low as 5.75 percent for qualifying first time homebuyers.
Loans through this program are available in two forms: unassisted loans, with no additional funds for down payment and closing costs; and assisted loans, which come with a 5 percent grant for down payment and closing cost assistance. The grant is offered to qualifying households earning no more than 60 percent of the area median family income.
Interest rates range from 5.75 percent for statewide unassisted loans to 6.50 percent for assisted loans statewide. The program is designed to serve households earning no more than 115 percent of the area median family income, depending on the number of individuals in the family.
TDHCA also is providing a special highlight with this release of funds as it is waiving certain program requirements for Texas veterans. Through the end of the year, qualified veterans who are not first time homebuyers will be eligible to participate in the loan program.
For more information, visit the program's website at www.myfirsttexashome.com or call toll free at (800) 792-1119.