1st-Time Homebuyer Bond Money - with 3% Down Payment Assistance
Program Features - Capital Area Housing Finance Corporation
PROGRAM FEATURES
ISSUER: Capital Area Housing Finance Corporation
SIZE OF BOND ISSUE: $15 million
ELIGIBLE LOANS: FHA/VA/RHS (30-year, fixed rate)
ELIGIBILITY REQUIREMENTS:
- First-time Homebuyers: Eligible homebuyers cannot have owned a home in the past 3 years, except for Qualified Veterans who are exempt from the first-time homebuyer requirement for this program.
- Maximum Home Cost: 1-Unit Residence (new or existing homes): $258,690
Note: Income and Home Cost limits are subject to change when the IRS releases its annual figures; Higher Maximum Home Cost Limits are allowed for two to four family residences
- Credit Underwriting: In addition to other program & underwriting requirements, the 2009A program has a
minimum 620 FICO score requirement.
4. Maximum Family Income: (by County)
| |
|
0-2 Persons |
3+ People |
| Bastrop, Caldwell,
Hays, Williamson |
|
$73,300 |
$84,295 |
| Blanco |
|
$64,311 |
$73,958 |
| Burnet |
|
$64,651 |
$74,349 |
| Fayette |
|
$64,800 |
$74,602 |
| Lee |
|
$63,120 |
$73,640 |
| Llano |
|
$60,960 |
$71,120 |
ELIGIBLE LOAN AREA: The Counties of Bastrop, Blanco, Burnet, Caldwell, Fayette, Hays, Lee, Llano, and Williamson Counties, including the City of San Marcos.
INTEREST RATE:
- 4.75% “Low Rate” Loans without down payment assistance (DPA)
- 5.25% “Assisted” Loans with 3% DPA Grant
DOWN PAYMENT ASSISTANCE: The program provides at the borrower’s option (1) “assisted” loans that will provide for a non-repayable grant of 3.00% for DPA, or (2) “low rate” loans without DPA. All qualifying borrowers under the program are eligible for the assisted loans.
POINT STRUCTURE: At mortgage loan closing, the lender is allowed to collect a 1.00% origination fee and a 1.00% discount point from the borrower or seller plus other usual and customary fees.
SCHEDULE:
- First Date to Close Loans – Jan. 12, 2010
- Final Loan Submission Date – Nov. 17, 2010
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Increase in Upfront Premiums for FHA Mortgage Insurance
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