First Time Homebuyer Funds Available With Down Payment Assistance
Of the $140 million available under the First Time Homebuyer Program, TDHCA has set aside $100 million for individuals and families needing help with down payment and closing costs. With an interest rate starting as low 5.50 percent, program dollars are expected to move quickly.
These low interest mortgage loans, marketed through the Department's Single Family Mortgage Revenue Bond Program, offer a grant up to 4 percent of the mortgage loan amount to help with down payment and closing costs. This assistance is only available to households at or below 60 percent of the area median family income (AMFI).
Below market rate loans also remain available for Texans who do not need assistance with their down payment and closing cost. These funds are available to families and individuals whose annual income does not exceed 115 percent of the AMFI. For more information about these mortgage loans, program eligibility, and program rules, please visit the Texas First Time Homebuyer Program at its redesigned web section: www.myfirsttexashome.com.