Make Homeownership Your New Year's Resolution
For those Texans who made a resolution to buy a home in 2007, the State can lend a helping hand. TDHCA still has $67.5 million in funds available through its First Time Homebuyer Program. TDHCA uses these funds to create low interest rate home loans for qualifying households with interest rates starting as low as 5.65 percent.
The funds are available through the program's network of participating lenders. The Department estimates that it will assist 1,171 households with the purchase of their first home.
Loans for most of the state will be available in two forms: assisted loans, which come with a grant equal to 5 percent of the mortgage amount for down payment and closing cost assistance; and unassisted loans, with no additional funds. Unassisted loans will feature a very attractive rate of 5.65 percent, while assisted loans will carry a 6.20 percent interest rate.
Loans made within a 22-county region of southeast Texas designated for relief under the federal Rita Gulf Opportunity ("GO") Zone Act of 2005 will feature a low rate of 5.99 percent. These loans will also come with the down payment assistance grant. Additionally, income and maximum home purchase price limits will be increased in the Rita GO Zone.
TDHCA's First Time Homebuyer Program offers very low to moderate income households an opportunity to qualify for mortgage loans with monthly payments that might otherwise be beyond their reach at current market interest rates. Interested homebuyers may visit the program's website at www.myfirsttexashome.com or call (800) 792-1119 to learn more about eligibility requirements, program details, a list of Rita GO Zone counties, or to find a participating lender.