Interest Rates drop in Montgomery County, TX however Down Payment Assistance for Bond 77 Rate Stays High
As market rates continue to fall TDHCA Bond 77 Down Payment Assistance Rates stays high in Texas as program rapidly runs our of funds.
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 13 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 #14 remains high. The program is rapidly running out of money and is not expected to last much longer. 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 before the end of summer
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 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 our contact page 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 our contact page 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 14 or allotment #14
- Loan must close by 9/15/2011 – Best to have house under contract 30 to 45 days before this
- “ Lot 14“ expires on 9/15/2011 – all loans on this program must close by 9/15/2011. Loans that will close after that date will NOT receive down-payment assistance.
- The interest rate for bond 77 lot 14 is
- 4.95% 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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