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TDHCA releases two downpayment-assistance programs
Texas homebuyers who qualify for the federal first-time buyer tax credit have two new programs from the Texas Department of Housing and Community Affairs that enable them to turn that credit into cash for a downpayment.
- The 90-Day Down Payment Assistance Program enables buyers to receive 5% of the first-lien mortgage amount up to $7,000 for downpayment or closing costs as a 90-day no-interest loan.
- The Mortgage Advantage Program works in conjunction with the 2009 Texas Mortgage Credit Program and the Texas First Time Homebuyer Program. Eligible buyers could receive 5% of the first lien mortgage amount up to $6,000 for downpayment or closing costs as a 120-day no-interest loan.
Both programs require buyers be eligible for the federal first-time buyer credit, complete homebuyer education, and file an amended 2008 federal tax return. Funds are available on a first-come, first-served basis for qualifying purchases made before Dec. 1, 2009. Get full details about both programs at the TDHCA’s Web site.
Participating lenders: http://www.tdhca.state.tx.us/homeownership/fthb/docs/LenderOffices.pdf
Courtesy oh TDHCA and Texas Association of Realtors®
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Construction begins next month to finally connect West Gate Blvd across that green area that currently is a dead end; if you are going south on West Gate from, for example, William Cannon Dr, you can’t drive all the way down to  Slaughter LN, you have to make a crazy detour at on Cameron Loop through a section of Cherry Creek, then you can pick West Gate Blvd up again at Cohoba Dr, and continue on to Slaughter LN. This is a long standing pain in the neck for South Austin Residents, Especially if you live near the dead end. Plus some of those back roads are very narrow and curvy and are not fun to drive at night. I would expect that a stop light will eventually appear at West Gate and Cameron Loop which hopefully will assuage concerns about speed.
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Look at the bright side, they are still 1% lower than they were 10 months ago, I won’t mention that they were about 2% lower in May of this year… Oops! 
30 yr fixed - 5.5%
15 yr fixed - 4.875%
5 yr ARM - 4.375%
30 yr FHA - 5.5%
30 yr USDA - 5.875%
30 yr VA - 5.5%
30 yr Jumbo - 5.875%
5 yr ARM Jumbo - 5.125%
Remember, your interest rate could be higher, it all depends on your credit, debt to income ratio and available cash on hand for a down payment, plus other factors. Contact a lender to find out what you would pay.
These rates are courtesy of John Schutze of Bank of America. Click here to contact him for your rates.
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Look at the bright side, they are still 1% lower than they were 10 months ago, I won’t mention that they were about 2% lower in May of this year… Oops! J
30 yr fixed - 5.5%
15 yr fixed - 4.875%
5 yr ARM - 4.375%
30 yr FHA - 5.5%
30 yr USDA - 5.875%
30 yr VA - 5.5%
30 yr Jumbo - 5.875%
5 yr ARM Jumbo - 5.125%
Remember, your interest rate could be higher, it all depends on your credit, debt to income ratio and available cash on hand for a down payment, plus other factors. Contact a lender to find out what you would pay.
These rates are courtesy of John Schutze of Bank of America. Click here to contact him for your rates.
Contact Me
Search Austin Homes
Look at the bright side, they are still 1% lower than they were 10 months ago, I won’t mention that they were about 2% lower in May of this year… Oops! J
30 yr fixed - 5.5%
15 yr fixed - 4.875%
5 yr ARM - 4.375%
30 yr FHA - 5.5%
30 yr USDA - 5.875%
30 yr VA - 5.5%
30 yr Jumbo - 5.875%
5 yr ARM Jumbo - 5.125%
Remember, your interest rate could be higher, it all depends on your credit, debt to income ratio and available cash on hand for a down payment, plus other factors. Contact a lender to find out what you would pay.
These rates are courtesy of John Schutze of Bank of America. Click here to contact him for your rates.
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Search Austin Homes
This article is posted on Realtor.org:
Congress Weighs Buyer Tax Credit Expansion
Legislation introduced in Congress Wednesday would expand the tax credit now limited to first-time homebuyers to any purchaser of a home and increase the maximum available to $15,000.
The tax credit passed earlier this year is limited to $8,000 and has income caps.
U.S. Sen. Johnny Isakson, a Georgia Republican, introduced the legislation, and Senate Banking Committee Chair Christopher Dodd, a Connecticut Democrat, quickly stepped up to co-sponsor.
The National Association of REALTORS® and the National Association of Home Builders have said they would like to see the tax credit improved.
Source: The Wall Street Journal, Jessica Holzer (06/10/2009)
Posted by permission.
Stay Tuned!
Here are the current rates:
30 Year Fixed: 5.375 %
15 Year Fixed: 4.875 %
FHA 30 Year 5.5 %
VA 30 Year: 5.5 %
5 Yr ARM 4.375 %
Jumbo 30 Year Fixed: 5.75 %
Jumbo 5 Yr ARM: 5.0 %
30 Year Home Equity: 5.5 %
Buy a home soon or you will crying too!
Remember, your interest rate could be higher, it all depends on your credit, debt to income ratio and available cash on hand for a down payment, plus other factors. Contact a lender to find out what you would pay.
Thank you John Schutze for the rates.
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Some of you area aware that the USDA Rural Housing Loan Program itself is out of money, but what you may not know is that a smart home builder, Main Street Homes managed to reserve some of those funds and they still have some of it left!
Main Street Homes’ Kyle, TX community, Post Oak, not only has the USDA funds, they have $3,000 available for you to use towards closing costs, if you can cover those costs yourself and don’t need the cash, you can opt for the Housewarming Package which includes a washer, a dryer, a laptop computer plus a lot more. That’s not all! They can help you use the up to $8,000 Tax Credit towards your closing costs as well.
Where is Post Oak? This community is located is Southeast Kyle off of Fm 150 at 177 Stennis. What’s it like? It’s a small community with mostly one story homes, has sidewalks, floorplans are very functional.
Be sure to read my page on home buying.
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