TDHCA Releases Unprecedented $255 Million in Homebuyer Funds
Governor Rick Perry on June 30 joined TDHCA at a news conference in Orange to announce the release of $255 million in homebuyer funds through its First Time Homebuyer Program. TDHCA is making available an unprecedented $240 million in low interest home loans and $15 million mortgage credit certificates, bringing the dream of homeownership within reach of thousands of Texans.
While homebuyer funds are available statewide, a large portion is being dedicated to assist with the recovery efforts in a 22-county region of southeast Texas impacted by Hurricane Rita. Loans originated in this area offer a low rate of 5.875 plus a loan up to five percent of the mortgage amount for down payment assistance.
Loans for the balance of the state will come in two forms: assisted loans, which come with down payment assistance, featuring an interest rate of 6.125; and unassisted loans, with no down payment assistance, at an even lower rate of 5.625.
Funding levels and income eligibility requirements vary
from one region to another within the state. For more information
on program rules, eligibility requirements, or to find the
nearest participating lender, please visit the program’s
webpage or call (800) 792-1119.