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This program was started in May 2010 when The Texas Department of Housing and Community Affairs (TDHCA) made public the amount available to help fund first-time homeowners. The amount was $500 million and the aim is to help moderate or low income homebuyers to finance their first home purchase.
They made two different loan types available “assisted Loans” and “Unassisted Loans”. Assisted Loans are mortgage loans offered with an interest rate which is slightly more than the current market interest rate and the borrower receives help with both the down payment and the closing costs in the form of a second loan which is 5% of the total mortgage and is loaned at 0% interest over 30 years. No monthly payments are payable but this assistance for down payment and closing cost is to be paid in full should the property be sold refinanced or the mortgage loan repaid. Low and moderate income homebuyers include homebuyers who earn up to 115% of the average family income for the area depending on the size of the family.
However some areas known as targeted areas are economically distressed and anyone wishing to buy in these areas is allowed to earn up to 140% of the average family income for the area, again depending on the size of the family.
More information can be obtained by checking the “Combined Income and Purchase Price Limits Table”. Unassisted Loans are loans that do not include down payment or closing cost assistance. However the interest rate applied is slightly less than the current interest rate. All mortgage loans are at a 30 year fixed rate. This program may change the interest rate periodically according to industry market interest rates at the time the borrower takes out the loan. The Texas First-Time Homebuyer Program requires all those who wish to receive a loan to take a Homebuyer Education Course.
These are pre-purchase homebuyer education counseling courses made available through Texas Statewide Homebuyer Education Providers (TSHEP), certified by the Department of Housing and Community Affairs or the programs participating lender network available on-line. The TSHEP was created in order to provide information and counseling for prospective homebuyers so that the borrower can be aware of the details of the home buying process. The TDHCA, wishing to ensure that the quality of homebuyer education throughout the State of Texas is uniform, made a contract with Neighbor Works America to teach local nonprofit organizations the principles and applications of homebuyer education for both pre and post purchase and to certify these organizations as providers.
There are about 400 certified providers to date. A list will be provided for homebuyers upon request –call 1-800,792-1119.Don’t hesitate to contact the TDHCA it may help you to have the pleasure of owning you own home.
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