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” 2^nd 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