TDHCA Lowers Interest Rate on First Time Homebuyer Funds
The Texas Department of Housing and Community Affairs recently lowered the interest rate on $72 million in bond proceeds designed for first time homebuyer mortgage loans. These home loans, available through TDHCA’s Texas First Time Homebuyer Program, now carry an interest rate of 4.99 percent.
The popular 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 higher market interest rates. These typically include households earning between 30 percent and 115 percent of the area median family income. Funding is made available through proceeds from TDHCA’s Single Family Mortgage Revenue Bond Program 57A.
Participating lending institutions located throughout Texas offer the 30-year fixed annual percentage rate mortgage loans. These mortgage loans are also available through Fannie Mae’s MyCommunityMortgage Program. Funds are available immediately on a first-come, first-served basis. No down payment or closing cost assistance is available with this particular bond program.