Bond 77 Down Payment Assistance for first time home buyers latest installment released for Montgomery County, TX
Recycling is the word for Texas Down Payment assistance. Although additional funds have not been allocated to the Bond 77 down payment assistance program funds that were not used in previous allocations have been recycled into the new “Lot 16″ for Bond 77. This is exciting because there are still funds available for the American Dream of Home Ownership in the form of down payment assistance from TDHCA’s Bond 77 program in Texas
Bond 77 allotment 15 funds are now exhausted. As noted in my previous post in an effort to lengthen the amount of time that Bond 77 Down Payment assistance is available TDHCA has slashed the amount of down payment assistance available to each buyer by 20%.
The interest rate for the TDHCA Texas down payment assistance for the new allotment #16 is only slightly lower since previous allotments even though market rates have fallen dramatically . The program is rapidly running out of money and is not expected to last much longer. In fact Even TDHCA says down payment assistance will end in Texas on December 15, 2011. The next 30-days may be the last chance you have to get down payment assistance in Texas before funds are exhausted. To take advantage of this program before further cuts in the program you need to fill out our online application here as soon as possible before funds are gone. As mentioned on my original post the program will not be re-funded once funds are exhausted. Based on current usage even with the reduced down payment assistance it is estimated that down payment assistance from the state of Texas will be exhausted by the fall.
If you are already working with another lender you MUST contact them to obtain the assistance. If they cannot do bond 77 we will be happy to assist you and transfer your application to our office. You may start the process by using our online application here.
To qualify for these programs you must be able to qualify for a regular FHA Mortgage. If you cannot qualify and be approved by an approved TDHCA Lender you cannot receive the funds for bond 77. To find out if you qualify you will need to fill out our online application here or simply call (936) 228-1944 and we will be happy to assist you.
Texas Down payment assistance Interest Rates are set in allotments or “LOT”s. Each Bond 77 “lot” is good for a maximum of 90 days. Once Funds are exhausted for a given allotment a borrower must wait for the next allotment to reserve their Texas down payment assistance funds.
Don’t Forget you will need to take a HUD approved Home buyer education class to take advantage of this Texas First Time home buyer down payment assistance program.
If you have specific questions about Income Caps, Purchase price limits or other details of the program in your area call our office at (936)228-1944 and speak to a Mortgage Banker. If you are currently working with another lender on your Bond 77 loan you must transfer your loan to our office before we may assist you.
Here are the details and rates for TDHCA Bond 77 Lot 16 or allotment #16
- Loan must close by 12/15/2011 – Best to have house under contract 30 to 45 days before this
- “ Lot 16“ expires on 12/15/2011 – all loans on this program must close by 12/15/2011. Loans that will close after that date will lose their down payment assistance.
- You can find the current interest rate for bond 77 lot 16 by calling our office
- 4% Down Payment Assistance – DPA, DPA is due on sale, Refinance or no longer occupies the primary residence (In other words, the assistance that you receive you must pay back when you sell or refinance the home during a specified time See the details here)
Future Lot Details – TBD