The Texas Department of Housing and Community Affairs (TDHCA) has begun a short-term, interest free loan program in conjunction with the Federal $8,000 Tax Credit to assist first-time home buyers.  This opportunity will expire when the Tax Credit does December 1, 2009.  Texas is one of 13 states to have such a program to assist first-time home buyers.

      This short-term loan, some might call it a bridge loan, is designed to assist a first-time home buyers with down payment or closing costs.  The home buyer gets the loan from the TDHCA and repays when their Tax Credit monies arrive.

      Many may wonder if they qualify for this program.  To be considered a first-time home buyer, you can not have owned your primary residence for the past three years.  This limits the number of folks eligible for the program which is good as there are limited funds available at the TDHCA for this program.

      This program is allowed for conventional home loan programs such as FHA, VA and USDA mortgage loans.  An approved lender will assist potential buyers.  Do not contact TDHCA directly.

      As a reminder, the $8,000 Tax Credit is available to:

            First-time home buyers or those who have not owned a home in the past three years.

            Income limits of $75k for single folks and $150k for married couples filing jointly (No tax credits for single folks earning over $95k and married couples earning over $175k.)

            You must purchase the home by December 1, 2009.

      Time is of the essence so do not delay.  This is a limited program as far as funds and time is concerned.

      As always call me at (210) 273-9082 with any question, without obligation.