Due to the expiration of the Federal $8,000 Tax Credit Refund, Texas has created it's largest 1st-time home buyer incentive - EVER.
Qualifying recipients will receive up to 5% of the loan amount to be used for down payment assistance and closing costs assistance. And with a maximum purchase amount of $258,690 - the down payment assistance could reach the $12,000+ area.
Plus, unlike the federal tax credit, where you have to wait to get refunded your credit at tax time, qualified buyers get the DOWN PAYMENT ASSISTANCE MONEY from Texas on the closing date, which is the day you usually get the keys to your new home!
In a previous blog story, we discussed additional details regarding the Texas Bond 77 Zero Down Payment Assistance Program - the largest ever initiated by the state of Texas. Until October 15, $50 million a month will be distributed STATE-WIDE. As the Bond 77 program is very much off the radar - FOR NOW - please don't put this off until the last minute or you could miss out - the funds are dispersed on a first-come, first-serve basis.
Again, those that qualify, will receive up to 5% (of their home loan amount) in down payment assistance and closing cost assistance from the state of Texas. To qualify for the Bond 77 Texas Down Payment Assistance program, you must provide 3 years of federal income tax returns and take a course on home buying approved by the TDHCA. Some courses are online and take about an hour to complete. You will then be issued a certificate to present to your mortgage officer in order to be eligible for the Bond 77 Down Payment assistance funds.
The 5% down payment assistance from Texas is issued in the form of a loan that doesn't require monthly payments - It's called a "silent" second lien because there are no payments, or interests to pay unless you sell the home or refinance the home - or turn the home into a rental home. Otherwise, the 5% down payment assistance from Texas wouldn't be due until 30 years later, at the end of the mortgage term.
HOW TO PAY ZERO DOWN FOR A HOME - By combining the Texas Bond 77 Down Payment Assistance program with FHA financing, you could negotiate for the seller to pay up to 6% of your (buyer's) closing costs. With the 5% from Texas, and up to 6% from your seller, many homes will qualify for a true ZERO DOWN HOME PURCHASE.
Act quickly, however as the FHA has announced IT WILL REDUCE SELLER PAID CLOSING COSTS FROM 6% TO 3% THIS SUMMER.
Income limits for the 1st-time Home Buyer Down Payment Assistance are below. 1st-time home buyers are defined as those that have not owned a home in the last 3 years.
Income Limits Throughout Texas:
1-2 persons residing in home = $73,300 (total income in home)
3+ persons residing in home = $84,295 (total income in home)
For additional details on the Texas Zero Down Payment program, visit our previous blog post regarding the Texas Bond 77.
Contact Troy Corman with t2 Real Estate to get started. And please remember that although the deadline is October 15, that once the $50 million is gone each month, it's gone!
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