$41 Million in homebuyer funds still available at 4.99 percent
Approximately $41 million in funds for qualifying first time homebuyers remain in the Department's Single Family Mortgage Revenue Bond Program 62, but funds are moving quickly. TDHCA originally made $71 million available under Program 62 for low-interest home loans carrying an attractive interest rate of 4.99 percent. Participating lending institutions throughout the state offer these 30-year fixed annual percentage rate mortgage loans through the Texas First Time Homebuyer Program.
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 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.