Pay Zero Points, Save Money under Bond Program 61
TDHCA has restructured $79 million in homebuyer funds under Bond Program 61, reducing the points homebuyers must pay under this program from two to zero. As a result of the restructuring, the low interest mortgage loan funds are now available as unassisted funds, meaning that the Department will not make any down payment assistance available with these single family bond fund proceeds.
This can result in significant savings for Texans buying their first home through TDHCA's Texas First Time Homebuyer Program. Based on the average home purchase price under the program, homebuyers could realize an average savings of about $2,389.
The maximum allowable income under Bond Program 61 will remain at 60 percent of the area median family income (AMFI) through May 3, 2005; thereafter, it will rise to 115 percent of AMFI. Visit the newly redesigned Texas First Time Homebuyer Program page, www.myfirsttexashome.com, for further program details.