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
Great news indeed. What is the amount that can be borrowed for closing costs?
Ralph Bell, REALTOR
I may call you. But 1st I am going to use the 70/80 percent guideline to find the
place I want to buy.
Thanks for putting the information out there! Good to see Supreme Lending offering new products all the time. Thanks John!
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
great article, john. i hope no one tries to steal your content.