Texas Department of Housing & Community Affairs - Building Homes and Strengthening Communities
 

TDHCA Breaks Ground with Innovative Public-Private Partnership

The Texas Department of Housing and Community Affairs (TDHCA) is setting aside $10 million in low interest rate mortgage loan funds for a new homebuyer initiative designed for low- to moderate-income households with slight blemishes on their credit history, it was announced at a news conference today. The Department’s Texas First Time Homebuyer Program will make these home loans available to eligible households through local lenders utilizing Fannie Mae’s Expanded Approval mortgage option.

TDHCA is in a pioneering role as the first state housing finance agency in the country to participate in Fannie Mae’s Expanded Approval initiative through its single family mortgage revenue bond program. Through this program, ten percent of the $100 million in mortgage funds from the Department’s bond proceeds released last month will be available to households with a less than perfect credit history at lower rates than they would receive under alternative financing arrangements.

For more information, go to the press release (PDF), view the press conference video online, or visit the Texas First Time Homebuyer Program page.