TDHCA Bond 77 Program Details

TDHCA Bond 77 Mortgage Revenue Bond Program Details

As your Texas Certified Mortgage Coach and Sr Mortgage Banker I am pleased to announce on May 24, 2010 the Texas Department of Housing and Community Affairs – TDHCA released its new Single Family Mortgage Revenue Bond Program Series 77.   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.

• Lot 1 Details – Loans Must close by 08/16/2010 – Funds Exhausted – Click for more info
  
• Lot 2 Details – Loans Must close by 09/30/2010 – Funds Exhausted – Click for more info
• Lot 3 Details – Loans Must close by 11/15/2010 – Funds Exhausted – Click for more info
• Lot 4 Details – Loans Must close by 12/15/2010 – Funds Exhausted – Click for more info
• Lot 5  Details – Loans Must close by 01/15/2011 – Funds Exhausted – Click for more info
• Lot 6  Details – Loans Must close by 01/15/2011 – Funds Exhausted – Click for more info
• Lot 7 Details – Loans Must close by 04/01/2011 – Funds Exhausted – Click for more info
• Lot 8  Details – Loans Must close by 05/01/2011 – Funds Exhausted – Click for more info
• Lot 9  Details – Loans Must close by 04/15/2011 – Funds Exhausted – Click for more info
• Lot 10  Details – Loans Must close by TBD – Click for more info

Details Common to all “Lots” or Fund Allotments

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• Bond Loans are reserved not locked
• Down Payment Assistance is 4% of Sales Price – as of 3/1/2011
• First Come First Serve– Reservations cannot be made without a complete application, signed contract AND $320 application fee made payable to TDHCA
  
• Buyer must provide 3 years tax returns (2007,2008,and 2009)
• FHA loans only
• Minimum middle FICO Score is 620
  
• Owner occupied only
• Interest Rate – interest rates on this program will change every 90 days
• First time Home Buyers State Wide and Existing Home Buyers in Targeted areas.
• Income caps:
  • 100% Applicable Median Family Income – AMFI for 1 or 2 person families-115% AMFI for 3 or more person families
  • Income of all parties occupying the home AND signing the deed of trust counts towards bond limits
• Non-Purchasing spouse must sign bond docs
• Fees:
  • 1% participation fee
  • 1% origination fee
  • $325 bond application fee payable to TDHCA from Buyer to Reserve Funds
  • appraisal fee; credit report fee; mortgage insurance premium; survey fee; title insurance premium; and other closing costs as permitted by FHA. Must be fully disclosed on the HUD-1.
• ALL borrowers must complete an approved Home buyer Education class – Online ok
• Recapture Tax (aka repayment provisions) with using Bond 77. If the borrower answers yes ALL of the following:
  1. Borrower has a “substantial increase” in income.
  2. There is a gain (net profit) on the sale of the home.
  3. The property is sold or refinanced w/in 9 years after mortgage is closed.

  The Recapture Tax that has to be repaid is the lesser of:

  • 6.25% of the original Mortgage OR
  • 50% of the gain realized on the sale or refinance of the property
• No cash back at closing
• Income of all parties occupying the home AND signing the deed of trust counts towards bond limits
• Minimum Additional closing time required Allow at minimum an additional 7 business days broken out as follows.  48 hrs. for lender’s review of bond package and an additional 72 hours for bond approval.  PLUS an additional 48 hours for bond funds to be wired to title company
• Additional Documentation is required

TDHCA Bond 77 program is an excellent way for a First Time Home Buyer to purchase a home in Texas and These programs are available exclusively through Select Mortgage Banks as determined by TDHCA,  to qualify for these programs you may Apply Online here or simply call (832) 303-5693.   Don’t Forget our Home Buyer University Classes will better prepare you for these special First Time home buyer 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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