Overall Interest Rates drop in Montgomery County, TX but Down Payment Assistance for Bond 77 Rate stay’s high
As market rates fall TDHCA Bond 77 Down Payment Assistance Rates remain higher in Texas.
UPDATE: This down-payment assistance program is out of funds and was last checked Friday June 23rd. This information is accurate as of that date. Please call our office at our contact page for more information on the 100% financing programs available in your area.
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Bond 77 allotment 11 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%.
What does this mean? The average buyer will have come up with $1,000 to as much as $2,500 additional to purchase a home utilizing bond 77.
The rate for the new allotment #11 is now slightly lower at and 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 exhausted. As mentioned on my original post the program will not be re-funded once funds are exhausted.
If you are already working with another lender you will need to contact them to obtain the assistance. If they cannot do bond 77 we will be happy to assist you to qualify using our online application here.
These programs are available through through Select Mortgage Banks as determined by TDHCA, to qualify for these programs you must be able to qualify for a regular FHA Mortgage. If you cannot qualify and be approved by a TDHCA Approved Lender you cannot receive the funds for bond 77. To see if you qualify you may fill out our online application here to start the process or simply our contact page .
Texas Down payment assistance Interest Rates are set in “LOTS” or allotments. Each lot is good for 90 days. Based on date of sale, borrower must be reserved or must wait for next Lot to be Released.
We offer the TDHCA Bond 77 program as an excellent way for a First Time Home Buyers to purchase a home in Texas to qualify for these programs you may Apply Online here or simply our contact page to speak to a Mortgage Banker. Don’t Forget you will need to take a HUD approved Home buyer education class to take advantage of this special First Time home buyer down payment assistance programs.
If you have specific questions about Income Caps, Purchase price limits or other details of the program our contact page and speak to a Mortgage Banker. If you are currently working with another lender on your Bond 77 loan please contact your lender directly or TDHCA Directly.
Here are the details and rates for TDHCA Bond 77 Lot 12 or allotment #12
- Loan must close by 7/15/2011 – Best to have house under contract 30 to 45 days before this
- “ Lot 12“ expires on 7/15/2011 – all loans on this program must close by 7/15/2011. Loans that will close after that date will NOT receive down-payment assistance.
- The interest rate for bond 77 lot 12 is
- 5.1% fixed rate, 30 year– 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
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