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- Government Tries To Get Fannie and Freddie to Write-Down Underwater Mortgages.
- New Kid on the Block Creates Ripples in the Government Mortgage Help Scene
- Mortgage Terms You Must Understand: Your Mortgage Statement
- HAMP Mortgage Terms You Must Understand: Your Net Present Value or NPV
- Home Affordable Modification Program: Understand the Trial Period
- Five Steps To Deal With Your Bank Freezing Your Line of Equity
- Five Steps To Deal With Your Bank Freezing Your Line of Equity
Obama NewsMortgage Help
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The Texas Department of Housing and Community Affairs is the lead agency providing key housing programs in Texas. Whether you are a Texas housing developer or need help with your home this is a government agency you should contact. There are 20 programs currently available that provide help with taxes, avoiding foreclosure, finding a suitable loan and improving the housing situation in Texas.
Let us review four of these programs:
Texas First Time Homebuyer Program.
This program allows homebuyers that have not owned a home in the last three years and have a low to moderate income level to qualify for a below market-interest rate mortgage. This allows low income citizens qualify for prime mortgages. A low to moderate income level is defined by anything between 30% and 115% of the area’s median family income (ANFI). TDHCA mortgage help is available to qualified people
Weatherization Assistance Program
This program helps low income people control their energy expenses by installing weatherization upgrades and providing general energy saving education. This program will carry out an energy audit on your home and identify energy efficiency issues you need to deal with. It also includes the installation of energy efficient measures like adding insulation (floors, walls and ceiling), covering holes in the building, tuning or replacing inefficient appliances. These upgrades must provide a measurable improvement to the homes energy efficiency and comply with certain standards. If you are interested in applying for this program call (888) 606-8889 or visit tdhca.state.tx.us, the Texas Department of Housing and Community Affairs website.
The Texas Mortgage Credit Program helps Texas residents with low to moderate incomes buy a home. Eligible residents can apply for a tax credit on 30% of the annual interest paid on a mortgage to a maximum of $2,000 a year. This program focuses on first time buyers, or people who have not owned a home in the last three years. Let’s see how this works. On a mortgage of $121,000 at a 6% interest rate, you will pay in the first year $7,260 in interest alone. The program provides a 30% tax credit on this amount which would equal $2,178. Of this amount you can apply for a maximum of $2,000, which will provide you with approximately $167 extra in your pocket every month.
Texas Bootstrap Loan Program
The Texas Bootstrap Loan Program provides very low income families with mortgage loans to help them improve their homes. This allows a maximum of $45,000 to each household to build a new home or improve an existing one. The catch in this program is that participants must be willing to supply at least 65% of the labor required to build or renovate their home.
Other programs are also available to developers to encourage them to build affordable housing for low income residents. Charitable organizations can also apply for funding under certain programs. For more information visit the TDHCA website and find out what programs you qualify for.
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