$71 Million in Low Interest Home Loans Now Available
TDHCA announces the release of $71 million in funds for below market interest rate mortgage loans specifically targeting qualifying first time homebuyers. These home loans, available through TDHCA's Texas First Time Homebuyer Program, carry an interest rate of 4.99 percent, and participating lending institutions throughout the state offer these 30-year fixed annual percentage rate mortgage loans.
This state sponsored homebuyer program offers low to moderate income individuals and families an opportunity to qualify for mortgage loans with monthly payments that might otherwise be out of their reach at current market interest rates. These typically include households earning between 30 percent and 115 percent of the area median family income. Eligibility is determined by a variety of factors, with income and first time homebuyer status being the most critical.
For more information on the Texas First Time Homebuyer Program, a list of participating lenders, income eligibility, maximum home purchase price limits, and other program guidelines, please visit the program’s website by clicking on the link above.