On November 5, 2010, The Texas Department of Housing and Community Affairs (TDHCA) announced that it has reduced interest rates on mortgage loans offered through its Texas First Time Homebuyer Program to historically low levels, further opening the door to safe and responsible homeownership for qualifying low to moderate income Texans.
In a press release, TDHCA stated that that the interest rates on these 30-year, fixed rate mortgage loans have been set at either 4.20 percent or 4.95 percent, depending on which of two types of loans the borrower selects. Rates had previously been set at 4.99 percent or 5.74 percent, respectively. The assisted rate of 4.95 percent is available with funds for down payment and closing cost assistance, helping families overcome what are often the biggest obstacles to buying a home.
TDHCA Executive Director Michael Gerber stated that the Texas First Time Homebuyer Program offers two types of loans at two different interest rates: assisted loans, which will feature the higher 4.95 percent rate but also offer down payment and closing cost assistance up to 5 percent of the mortgage amount in the form of a 30-year repayable second lien; and unassisted loans, at the lower 4.20 percent rate but with no additional assistance.
TDHCA’s First Time Homebuyer Program offers qualifying households who have not owned a home in the previous three years an opportunity to obtain reliable mortgage loans. Eligible households can earn up to 115 percent of the area median family income, depending on the number of individuals living in the home, as long as all other program requirements are met.
If you are first time homebuyer, now is a great time to buy your first house! As your Realtor, I will be there step-by-step to guide you. If you would like more information on this and other programs, please give me a call today - 281-412-2022!
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