The Texas Department of Housing and Community Affairs announced new down payment assistance programs for first time homebuyers. These programs will help fulfill the down payment need for many first-time Texas homebuyers.

Below are some bullet points:

• Borrowers must have a 620 or higher FICO score
• TDHCA has three different programs to use: 90-Day DPA Program (FHA Only), Mortgage Advantage MCC, Mortgage Advantage Bond
• Borrowers can receive up to $7k from the 90-day program and up to $6k with the others
• Borrowers must be first-time homebuyers (or not owned a home in the last three years) – TDHCA will verify this with previous 3 years’ tax returns
• Borrowers must qualify with the payment in their ratios – $323/mo with the 90-day program and $120/mo with the others
• Income limits do apply – $75,000 single buyer, $150,000 married buyers
• Borrowers must occupy the property for 3 years or the IRS will recapture the assistance in the tax year the property is sold
• $250 cashiers check from borrowers to TDHCA is required
• TDHCA is telling us to expect 20 business days from submission to closing…..This is important. DO NOT expect a 2 week closing. I would advise at least 45 days to be safe.
• Funds are first come first serve and rather limited

 

Again, this will be a great program which will help many Texans buy homes.

 

For more complete details, call Chad Underwood at (972) 672-1744.  Chad@NorthTexasHomeFinders.com, www.NorthTexasHomeFinders.com