TDHCA Cuts Bond 77 assistance 20% effective March 1st

(Last Updated On: March 4, 2016)

 

 

Authorized Mortgage Banker for Bond 77

As of March 1st, 2011 TDHCA bond 77 will cut down payment assistance by 20% to home buyers costing buyers thousands more.

UPDATE: This downpayment assistance program is out of funds and was last checked Friday October 13th.  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.

Bond 77 allotment 9 funds are now exhausted.  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.

What does this mean?  The average buyer will have come up with $1,000 to as much as $2,500 more to purchase a home utilizing bond 77.

The rate for the new allotment #10 is now 5.35% to take advantage of this program before further cuts you need to fill out our online application here as soon as possible before funds are exhausted.  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 10 or allotment #10

<!–more–>

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 our contact page .

***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 5/15/2011 – Best to have house under contract 30 to 45 days before this
  • “ Lot 10“ expires on 5/15/2011 – all loans on this program must close by 5/15/2011.  Loans that will close after that date will NOT receive down-payment assistance.
    • 5.35% 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

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 our contact page  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 our contact page  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.