Last of TDHCA Bond 77 money rates Surge to 5.60%

Authorized Mortgage Banker for Bond 77

The rate for the TDHCA bond 77 increases to 5.60% program will soon come to an end!

Bond 77 allotment 8 funds are now exhausted.  The new allotment #9 is now 5.60% To take advantage of this rate before rates go higher you need to fill out our online application here as soon as possible before funds are exhausted.  Because of the demand that this has put on the program it will expire on 4/15/2011 or when funds are exhausted, whichever comes first.

To put this into real Terms for a $100,000 home your payment is now:

• $39 more than under lot 7
• You will Pay $14,000 more in interest than under lot 7

It should be noted originally allotments were $50 million each.  They are now $30 million so this is a sign that this program will be gone for good.  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.

Here are the details for TDHCA Bond 77 Lot 7 or allotment #9

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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 call (832) 303-5693.

***Interest Rate is set in “LOTS”.  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.

• Loan must close by 4/15/2011 – Best to have house under contract 30 to 45 days before this
• “ Lot 9“ expires as well as the bond 77 program expires on 4/15/2011 – all loans on this program must close by 4/15/2011.  Loans that will close after that date will NOT receive down-payment assistance.
  • 5.60% fixed rate, 30 year– 5% 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

Additional program details and qualifications here.

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 call (832) 303-5693 to speak to a Mortgage Banker.   Don’t Forget our Home Buyer University Classes will better prepare you for these 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 Call our office at (832) 303-5693 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.

Sincerely,
Henry Daniels – Sr. Mortgage Banker & CMPSI Certified Mortgage Coach
(832) 303-5693

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