For the Second Time in 30-days TDHCA Increases Purchase Price and Income Limits for Bond 77. Additional Buyers to Qualify for Down payment assistance in Montgomery County
With the Roll out of the Latest Bond 77 Texas Down payment assistance allotment TDHCA announces the second increase in 30-days in both the purchase price and income limits for Bond 77 down payment assistance in Texas.
UPDATE: This down payment assistance (DPA) program is out of funds and was last checked Friday September 22nd. This information is accurate as of that date. Please call our office at our contact page for more information on the 100% financing and first time home buyer tax credit programs available in your area.
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The demand for Bond 77 is reaching record levels, TDHCA announced on June 30, 2011 that they are increasing the number of people who can use this First Time Home Buyer Assistance program for Texas for the second time in 30-days
How Texas down payment assistance “Income Caps” work
For most down payment assistance programs in TX each has their own income Cap where if the “household” makes income above the amount set by TDHCA then that family cannot obtain the down payment assistance in Texas. This income cap is set at the county level for TDHCA and other down payment assistance programs in Texas it can be set by zip code census tract. By raising the income limits this will allow thousands of families that were not able to qualify for the program to now receive the down payment assistance from TDHCA. With this new increase in the number of families that can qualify for the program the funds for this program are anticipated to run out before the end of summer. As I mentioned on my original post the program will not be re-funded once funds are exhausted. You will want to qualify using our online application here immediately or funds may be exhausted by the time you want to close on your home.
If you are already working with another lender you will need to contact them to obtain the assistance. If they usable or unwilling do bond 77 we will be happy to assist you to transferring your loan to our office using our online application here. Or you may call our office at our contact page
If you have specific questions about Income Caps, Purchase price limits or other details of the program in your area call our office at our contact page and speak to a Mortgage Banker. If you are currently working with another lender on your Bond 77 loan you will need to contact them directly.
Drastic increase in demand means Bond 77 Down payment Assistance program will run out of funds sooner
Since there will be a higher demand for funds, the program is anticipated to run out of funds…
sooner than expected. For current funds availability simply contact our office at our contact page
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