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TDHCA Announces a New $10,000 Down Payment Assistance for first time home buyers Montgomery County, TX

Today TDHCA Announced the Release of a new Down Payment Assistance program in the state of Texas. This program offers First time home buyers the chance to take advantage of the current low interest rates rates AND get down payment assistance at the same time.

Unlike Bond 77 Down Payment Assistance there are no additional fees with obtaining the down payment assistance from TDHCA. This makes it an ideal down payment assistance program for first time home buyers because their closing costs will be decreased as opposed to other down payment assistance programs. To find out if you qualify you will need to fill out our online application here or simply call (936) 228-1944 and we will be happy to assist you.

Here are some Details on the $10,000 down payment assistance program

• Nearly $1.6 million in Available funds
• Offers $10,000 in down payment assistance and/or closing cost assistance for the purchase of a single family home
• 0% interest loan
• 5 or 10 year loan term
• First Payment will be deferred for 5-years from closing date
• Borrowers MUST be a first time Home Buyer to obtain down payment assistance
• First time Home Buyer counseling is required
• No Additional Fees as with other down payment assistance programs

Borrower Qualifications for Texas $10,000 Down Payment Assistance

• Must be able to qualify for a Standard FHA Home loan
• Rehab loans are NOT Eligible such as FHA 203(k)
• Income Caps Based on Area Median Family Income (Call our office for specifics in your area)
• Liquid Assets May not Exceed $15,000 (Excluding any retirement accounts)

Purchase Price Loan Limits for Texas Down Payment assistance

• Maximum FHA Maximum Loan Amount in the State of Texas is $271,050 in most counties and higher in a few other counties. You may not qualify for this amount. Contact our office and we will be glad to pre-qualify you for the loan amount that you would qualify for under this Texas Down Payment assistahce program. You may also fill out our online application here.

• To qualify for this program 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 this Texas down payment assistance program. To find out if you qualify you will need to fill out our online application here or simply call (936) 228-1944 and we will be happy to assist you.
• 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.

Texas Down payment assistance program Mis-information

• Townhouses, condos and mobile homes are NOT Eligible. There are many reports of these types of homes being eligible for this program. They are not. Only Single Family homes are eligible.
• Additional Administrative Fees. There are no additional Fees with this program. Some reports are there is a 4% administrative fee. This is incorrect.

 Texas Down Payment Assistance Summary: 

If you have specific questions about Income Caps, Purchase price limits or other details of the program in your area call our office at (936) 228-1944 and speak to a Mortgage Banker. If you are currently working with another lender on your Texas Down Payment Assistance