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A valuable source of information for potential homebuyers who may need special assistance in buying a home.
First Time Home Buyers:
Texas Department of Community and Housing Affairs (TDCHA) http://www.tdhca.state.tx.us/overview.htm
http://www.tdhca.state.tx.us/homeownership/fthb/available_funds.htm
Home Loan Programs - Funds Available
The Professional Educators, Homes for Texas Heroes, and Home Sweet Texas Home Loan Programs provide 30-year fixed rate mortgage loans to eligible first-time homebuyers wishing to achieve the American dream of homeownership. In addition to a low interest rate, these programs offer down payment and closing cost assistance in the form of a grant. These programs are available through a network of participating lenders across the state.
MCC Program - Funds Available
With an MCC, the qualified homebuyer is eligible to take a portion of the annual interest paid on the mortgage as a tax credit, up to $2,000, each year they occupy the home as their principal residence. The amount of the tax credit is equal to the mortgage credit rate of 35% multiplied by the annual interest paid. The MCC has the potential of saving the MCC holder thousands of dollars over the life of the loan.
The following funds are available for our first-time homebuyer programs as of January 12, 2012.
|
Fund
|
Rate
|
Remaining Funds
|
|---|---|---|
|
Professional Educators
|
4.00%
|
$4,744,260
|
|
Homes for Texas Heroes
|
4.00%
|
$4,744,260
|
|
Home Sweet Texas Loan
(80% AMFI) |
4.00%
|
$4,744,260
|
|
2011A Mortgage Credit Certificate
|
N/A
|
$63,379,517
|
*Funds are subject to change
A
Professional Educator: Defined as a full time Classroom Teacher, Teacher Aide, School Librarian, School Nurse or School Counselor employed by a public school district in the state of Texas; or a full time faculty member * of either an undergraduate or graduate professional nursing or allied health program in the State of Texas; or
