TDHCA Releases $175 Million in Loans for First Time Homebuyers
TDHCA is pleased to announce the release of $175 million in funds for below market interest rate mortgage loans. These home loans, available through TDHCA's Texas First Time Homebuyer Program, carry interest rates as low as 4.99 percent. Participating lending institutions located throughout Texas offer the 30-year fixed annual percentage rate mortgage loans.
The popular 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.
$75 million in funding has been set aside to provide 30-year fixed annual percentage rate mortgage loans at a low 4.99 percent interest rate. Loans offering this percent rate are available to qualified homebuyers who do not need down payment and closing cost assistance.
For Texans in need of down payment and closing cost assistance, $100 million in funding will be available to eligible homebuyers for up to 4 percent of the mortgage amount. Mortgage loans that include the down payment and closing cost assistance, in a form of a second lien loan, are available at a 5.50 percent interest rate.
To qualify for the programs, individuals and families must meet certain area income requirements, and may not have owned a home within the past three years. Income requirements vary between regions based on the area median family income, as well as the maximum allowable home purchase price. Please visit the program's home page by clicking the link above for further information about program eligibility, purchase price limits, and a list of participating lending institutions.