TDHCA 90-Day DPA: $8,000 First-Time Homebuyer Tax Credit for Down-Payment and Closing Costs

Program Overview

In an effort to monetize the $8,000 tax credit and to assist borrowers with down-payment and closing costs, TDHCA created the 90-Day Down Payment Assistance Program.

TDHCA has the authority to offer tax credit advances with second liens. The 90-Day Down Payment Program may be used with FHA 15 & 30-year fixed-rate, first-lien mortgage loans.

Subordinate DPA Funds and Terms

Funds Available:   $5 Million, First come First Served

Amount of Assistance Available:   5% of the total mortgage amount including MIP up to a maximum of $7,000

First 90 Days:   0% Interest Rate (encourage borrowers to payoff 2nd lien with tax credit refund). Thereafter, 2-Year term at 10% interest rate, Max CLTV 100%.

Credit: Min credit score of 620 is required.

Qualified and Eligible Borrowers

  • Borrowers must meet the federal first-time homebuyer requirements
  • First-time homebuyers must be purchasing a home – new or resale that will be used as a principal residence.  Includes: single-family detached homes, attached homes such as townhomes & condominiums.
  • First-time homebuyer is a buyer who has not owned a principal residence during the 3 year period prior to the purchase.  For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
  • Home purchase must occur on or after 01/01/09 and before 12/01/09.  The purchase date is the date when closing occurs and the title to the property transfers to the homeowner.
  • Income limit for single taxpayers is $75K; the limit is $150K for married taxpayers filing a joint return.

tdhca-90-day-dpa-thumbnail Click here for PDF flyer!

About Max Leaman Austin Mortgage

GREAT RATES, LOW FEES, CLOSE ON TIME™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

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