WASHINGTON, D.C. – June 2, 2015 – (RealEstateRama) — June is Homeownership Month and TDHCA is celebrating with a virtual picnic, serving home buyers a variety of savory mortgage products!
This and every month, TDHCA lays out everything in its basket of home buying options for affordable taste buds, from traditional 30-year fixed rate loans and down payment and closing cost assistance, to mortgage credits, and even a combo plate that includes a loan and mortgage credits. Interested? Here’s a spoonful of favorite TDHCA-administered programs:
Texas Mortgage Credit Certificates: Helps buyers year after year
Offers a reduction in the homebuyers’ income tax obligation of up to $2,000 per year for the life of their mortgage loan.
My First Texas Home: Offers loans and down payment and closing cost assistance
Offers expanded mortgage loan opportunities to qualifying veterans, first time homebuyers, and those who have not owned a home in the past three years. The program also offers government and conventional mortgage loan options at 30-year, fixed rates that can also include down payment and/or closing cost assistance.
New HFA PreferredTM: Provides flexibility for homebuyers
Launched in 2014, Fannie Mae’s new HFA Preferred mortgage product is ideal for borrowers with limited funds for down payment and closing costs, and those needing extra flexibility on credit, income sources, or access to special options, including up to 97% loan-to-value (LTV) ratio with reduced rate mortgage insurance (“MI”). The MI can be cancelled at 78% LTV, which can mean long-term savings for the borrower. (HFA PreferredTM is an unregistered trademark of Fannie Mae).
Credit and loan combo: Maximizes benefits
Maximize your home purchase benefits by combining Texas Mortgage Credit Certificates (“MCCs”) with a mortgage loan!
No picnic would be complete without dessert, and here’s the sweetest news yet: TDHCA is waiving certain fees associated with these programs during for the month of June, saving you even more money!
So come to our picnic! Ask any participating lender about TDHCA’s homebuyer assistance programs!