Flower Mound, Texas (PRWEB) November 06, 2011
Texas residents thinking about buying a home may have just come across the incentive they need. TDHCA‘s HAP program offers $10,000 to qualified borrowers to use as down payment and closing cost assistance towards the purchase of a new home. The money is given to the borrower in the form of a second lien on the property. These funds are required to be paid back, but the first payment is deferred until the borrower has been in the home 5 years. On the 61st month, the borrower will repay the assistance at a chosen payment of $83.33 or $166.67, depending on if they selected a 5 or 10 year payback term.
In order to be considered a “qualified borrower” the applicant must meet specific criteria outlined by TDHCA. The applicant must be First Time Homebuyers as per HUD guidelines, which means they have not owned a home in the past 3 calendar years. Applicants must not exceed the maximum income limits that vary from county to county across the state. Income limits range from $47,600 all the way to $61,360 depending on the county where the new home is located. First Time Homebuyer Counseling is required for all borrowers and they must qualify for HUD’s FHA 203(b) financing.
The State’s release of the Homeowner Assistance Program is helping stimulate the housing market and keeping participating lenders extremely busy. Crystal Williams, a Residential Mortgage Loan Originator who specializes in Bond and Down Payment Assistance loans at Premier Nationwide Lending recently stated, “This $10,000 program has had more response than any other Bond Program I have seen the State of Texas release.”
Brad Sullivan, President of Premier Nationwide Lending, had the foresight in 2007 to create a Special Programs Department that was dedicated to helping homebuyers across the state take advantage of State and Local Housing Assistance Programs. Premier has received several awards for the volume of these programs that they are funding. Premier was awarded TDHCA’s Lender of the Year for 2009 and 2010. For more information about the program, or to find out if you might meet the criteria to participate in this program, just email info(at)pnlending(dot)com.
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