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Bond 77 rolls out new program servicer Down Payment Assistance for first time home buyers still available.
It took a while, however the latest news for first time home buyer down payment assistance
in Texas is that the bond 77 Texas Down payment assistance program is back after transitioning to another servicing company.
If you have been waiting for funds to become available after the after the last program servicer terminated their involvement with the program you can now get a new start with the new year. You may want to hurry because program funds are low the current allotment "Lot 17" is expected to be exhausted by January 15, 2012. As always with all Texas first time home buyer down payment assistance programs this program will not receive any funds once funds are exhausted.
Although additional funds have not been allocated to the Bond 77 down payment assistance program funds that were not used in previous allocations have been recycled and will be available with each allotment.
Bond 77 allotment 17 funds are now availabe. 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 #17 is only slightly lower since previous allotments even though market rates have fallen dramatically . The program is rapidly running out of money and is not expected to last much longer. To make sure you receive down payment assistance in Texas you need to have your current lender register your loan immediately and close your loan by February 15th. If you are not working with a lender that can do Texas Down Payment Assistance programs you will want to fill out our online application here and we would be delighted to assist you with your loan 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 by the early next year.
If you are already working with another lender you MUST 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 office at the number below 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 the numbers below 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 revised details and rates for TDHCA Bond 77 Lot 17 or allotment #17
- Loan must close by 2/15/2012
- “Lot 17“ expires on 1/15/2012 – all loans on this program must close by 2/15/2012. Loans that will close after that date will lose their down payment assistance.
- You can find the current interest rate for bond 77 lot 17 by calling our office
- 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 - If their are funds available
Additional program details and qualifications here.
