State of Texas Offers Two New Down Payment Options
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.
This is a great program for the First Time Home Buyer who would like to use the $8,000 tax credit… this allows the home buyer to purchase and have up to the $7,000 credited to their down payment. A wonderful opportunity for with a very limited time.
This is a great program for the First Time Home Buyer who would like to use the $8,000 tax credit… this allows the home buyer to purchase and have up to the $7,000 credited to their down payment. A wonderful opportunity for with a very limited time.
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