Borrowers Pay Zero Points under Pilot Homebuyer Program
TDHCA has reduced the fee points first time homebuyers must pay from two to zero under the unassisted portion of funds in its Single Family Bond Program 59, available through the Texas First Time Homebuyer Program. Participating Texans could save an average of $1,837 at the time of the home purchase as a result.
Borrowers previously were charged a 1 percentage point origination fee and a 1 percent buyer/seller discount point. Homebuyer funds under Bond Program 59 still feature a low interest rate of 5.30 percent for a 30-year fixed mortgage; however, this bond program carries no grant funds for down payment or closing cost assistance.
TDHCA has $1.12 million remaining available through Bond Program 59, and funds are expected to move quickly. For more information about program rules and eligibility, contact TDHCA at 800-792-1119, or visit the First Time Homebuyer Program’s web page at www.myfirsttexashome.com.