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TDHCA Bond 77 -Just in time to fill the void that the homebuyer tax credit will be leaving…

On May 3 the TDHCA will roll out a new bond program to assist buyers with their down payment when purchasing a home.  “Bond 77”  is its largest allotment to date and is purported to be $500 million in funds.  This program will be released just in time to fill the void left behind by the home-buyer tax credit expiring April 30. With liberal income limits available to existing home buyers and first-time home buyers alike, this affordable alternative for down payment will surely be a hit.   Below I have listed some of the major guidelines.  For more information feel free to email me at John.McClellan@SupremeLending.com.

TDHCA Bond 77

  • Released first part of May 2010 – first closings in June
  • $500,000,000 allocated first come, first serve

Income limits:  YES

  • Targeted areas:  1-2 persons = $87,960 / 3+ persons = $ 102,620
  • Non- targeted areas:  1-2 persons = $73,300 / 3+ persons = $84,295

Acquisition limits:  Yes

  • Targeted areas:  $316,177
  • Non- targeted areas:  $258,690

First-time home buyers only:  Maybe

  • Targeted areas:  first-time home buyers OR previous homeowners
  • Non- targeted areas:  first-time home buyers only

Down payment:  Yes (assisted)

  • “Silent” 2nd lien
  • No interest
  • No payments
  • Balloons in year 30

Targeted Area definition:  A Targeted Area is a census tract in which 70% or more of the families have incomes that are 80% or less of the statewide median income or an area of chronic economic distress.

For more information about this exciting program call me at 512-279-1150 or email me at John.McClellan@SupremeLending.com

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{ 5 comments… add one }
  • Ralph Bell April 28, 2010, 6:13 PM

    John,
    Great news indeed.  What is the amount that can be borrowed for closing costs?
    Ralph Bell, REALTOR
    ZipRealty

  • rae leskowitz May 1, 2010, 4:22 PM

    I may call you. But 1st I am going to use the 70/80 percent guideline to find the
    place I want to buy.

  • Kris Colquette May 6, 2010, 11:53 AM

    Thanks for putting the information out there!  Good to see Supreme Lending offering new products all the time.  Thanks John!

  • Robert Newman May 6, 2010, 4:46 PM

    John, we have offices in Texas and Los Angeles and we are buying REO’s in California primarily.  Most of our homes are for first time buyers and sell from $200,000-300,000.

    Will this program help our company?  Thanks, Robert Newman  1-818-906-0608

  • jonathan daniel May 7, 2010, 8:35 AM

    great article, john.  i hope no one tries to steal your content.

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