subject: First Time Homebuyer ProgramTexas Bond program 77 [print this page] First Time Homebuyer ProgramTexas Bond program 77
The Tx Department of Housing and Community Affairs (TDHCA) introduced last month a brand new program to support first time homebuyers within the state of Tx. With the expiration of the $8000 federal government homebuyer tax credit in April this year, this kind of program gives you an additional chance for folks and young families seeking to purchase their own first house. The TDHCA has released up to $500 million to fund the program. Bond Program 77 focuses on low to moderate income homebuyers.
The benefits of Bond Program 77. 2 Texas Best Bond Program 77 What You Need To Know types are obtainable for housebuyers - aided and unassisted financial loans. Below are details of this particular brand-new state program:
program loans (those not requiring down payment or closing cost assistance) can lock interest rates near 4.99% on 30 year mortgages - very close to current market rates
Assisted loans provide homebuyers assistance with down payments and/or closing costs; interest rates for assisted loans are near 5.74% on 30 year mortgages
Homebuyers using the assisted loans program can receive up to 5% of the loan amount to be used towards down payment and/or closing costs; down payment/closing cost assistance is provided through a second lien at a 0% interest rate
The second lien has no additional monthly payments; The amount (up to 5% of the mortgage) is due in full upon sale, refiance, or repayment of the first lien
Bond Program 77 allows for homebuyers to use conventional, FHA, VA, or USDA loans
All participants in the program must complete a "Homebuyer Education Program"; it outlines the terms of the program and prepares homebuyers for the expectations of owning their own home
As with most govt guidance programs, homeowners are required to fulfill particular qualifying standards. The "Homebuyer Education Plan" helps to ensure people today understand just what they are getting themselves into before making such an critical judgement. This is crucial to realize Bond Program 77 does have a recapture tax. This can be equal to 6.25% of the initial mortgage loan amount or 50% of the gain on the sale of the house. Nonetheless, Homeowners is not going to be subject to the recapture tax if:
property is sold 9+ years after the mortgage has closed; OR
There is no gain on the sale of the property; OR
The borrower's actual gross income in the year property sells does not exceed the modified adjusted gross income
This is the single most significant financing incentive ever before provided by the Texas Department of Housing and Community Affairs. This will be a special chance with regard to 1st time homeowners inside Texas, but this will certainly not forever. If you are interested in understanding much more concerning options in Dallas,Houston,San Antonio and the surrounding area, please feel free to get in touch with me personally. I am delighted to talk about this particular chance, as well as get you in touch with one of our mortgage expert that can easily supply in-depth particulars to the Bond Program 77. Don't skip this one of a kind possibility to be able to own your 1st real estate!
Loan interest rates vary. All loan information may be subject to change. Please contact our mortgage professional to confirm rates and mortgage details.
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