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News and Information Article
AUSTIN, Texas, June 30 // -- Governor Rick Perry today
announced the Texas Department of Housing and Community Affairs (TDHCA)
will release $255 million in homebuyer funds dedicated to making Texans
dreams of homeownership come true. TDHCA is making available an
unprecedented $240 million in low interest home loans and $15 million in
mortgage credit certificates to eligible homebuyers through the
Departments First Time Homebuyer Program. This allocation represents the
single largest release of homebuyer funds ever structured by the State of
Texas.
"Owning a home has always been an essential part of the American Dream.
For families, homeownership is not merely a source of pride, it is often
the first step on the path to prosperity. And for our communities,
homeownership provides an important source of stability," Perry said.
"Research studies show that when a majority of families own the home in
which they live, you end up with safer neighborhoods, greater economic
opportunities and a stronger sense of community."
"Todays announcement represents the best opportunity for many low to
moderate income Texans to achieve their dream of homeownership," stated
Michael Gerber, TDHCA Executive Director. "With 35 lenders participating in
our programs, operating more than 300 branch offices throughout the state,
Texans everywhere have a chance to begin to make a better future for
themselves and their family. We encourage anyone interested in buying a
home to learn how they can be a part of this initiative."
"We are proud to purchase Texas GO Zone bonds as part of our $1 billion
pledge to finance below-market mortgages for Gulf Coast storm victims,"
said Patricia Cook, Freddie Macs Executive Vice President of Investments
and Capital Management, "because we believe in our mission to bring
mortgage liquidity, stability and affordability to Americas communities
when they need it most."
The state-sponsored First Time Homebuyer program offers qualifying
households the ability to purchase a home at rates typically unmatched
anywhere in the state, bringing homeownership within reach for many Texas
families. Interested homebuyers may visit the programs website at
http://www.myfirsttexashome.com or call (800) 792-1119 to learn more about
eligibility requirements, program details, or to find a participating
lender.
TDHCA is dedicating a large portion of the available funds to help
economic development and recovery in the 22-county region of southeast
Texas impacted by Hurricane Rita. Of the $240 million available in
low-interest home loans, $108 million is reserved for home purchases in
this area, known as the Hurricane Rita Gulf Opportunity (GO) Zone.
Loans originated in this area will provide a low interest rate of 5.875
percent and up to five percent of the mortgage amount for down payment
assistance in the form of a grant. People buying in the Rita GO Zone do not
have to be first time homebuyers to participate in this program.
Loans for the remainder of the state will be available in two forms:
unassisted loans, with no additional funds for down payment and closing
costs, and assisted loans which come with down payment and closing cost
assistance. Interest rates will range from 5.625 percent for statewide
unassisted loans to 6.125 percent for assisted loans statewide. Households
outside the Rita GO Zone must be first time homebuyers to participate in
the program.
TDHCA will make the remaining $15 million available through its
Mortgage Credit Certificate (MCC) Program, which allows eligible households
to receive a federal tax credit to reduce their income tax obligation. This
tax savings frees up income that can help the household qualify for a
mortgage loan and meet mortgage payment requirements. While TDHCAs
participating lenders are accepting applications for this program, TDHCA
will begin issuing certificates on or after July 3, 2006, due to Internal
Revenue Service rules.
As Texas lead agency for promoting homeownership, TDHCA focuses on the
act of buying a home and helping transform the lives of the individuals who
participate in its programs. TDHCAs homebuyer programs each year help
thousands of low- to moderate-income Texans achieve their homeownership
goals, while educating them about the risks and responsibilities that
accompany those rewards. To facilitate this aspect of TDHCAs mission, the
Department sponsors the Texas Statewide Homebuyer Education Program
(TSHEP), a statewide program offered by local governments and nonprofit
organizations in all 254 Texas counties.
"Homebuyer education is an important component of the Departments
mission," Gerber noted. "Knowing what to expect before and after buying a
home prepares homebuyers for the many new responsibilities they will face.
This knowledge can also lower the chances of homebuyers getting in over
their heads financially and defaulting on their mortgage loan. Plus, many
homebuyer education providers offer counseling for households needing to
repair poor credit before they can buy a home."
To find the nearest TSHEP homebuyer education provider, please visit
the Departments homebuyer assistance information page at
http://www.tdhca.state.tx.us/assist_homebuying.htm and simply key in the
name of your city. Interested individuals may also call (512) 475-3975 for
more information.
About The Texas Department of Housing and Community Affairs
The Texas Department of Housing and Community Affairs is Texas lead
agency responsible for affordable housing, community and energy assistance
programs, and colonia activities. The Department annually administers funds
in excess of $400 million, the majority of which is derived from mortgage
revenue bond financing and refinancing, federal grants, and federal tax
credits.
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