2009 Bond Program
| PROGRAM FUNDS | $20,000,000 |
| ELIGIBLE AREAS | Eligible Area Includes the geographical area within Tarrant County, Texas, that automatically includes all cities with populations under 20,00 and including the following cities with populations of 20,000 or more: Arlington, Benbrook, Euless, Fort Worth, the portion of Grand Prairie that falls in Tarrant County, Haltom, Hurst, Mansfield, North Richland Hills, Watauga |
| ELIGIBILITY CRITERIA | - First-time Homebuyers – Applies to ALL Borrower(s) & Spouses, occupant or non-occupant - Must be able to permanently reside in the U.S. - Principal residence - Borrower(s) must occupy property within 60 days of closing - IRS filed returns for past 3 yrs – all borrower(s) & spouses |
| ELIGIBLE LOAN TYPES | FHA, VA, USDA-RD |
| AVAILABLE DOWN PAYMENT ASSISTANCE | Assistance payment equal to 4% of the note amount to apply toward down payment or closing costs. |
| INCOME LIMITS CRITERIA | Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older. - 1-2 person HHLD max = $68,300 - 3+ person HHLD max = $78,545 |
| HOME ACQUISITION LIMITS | - Targeted: $247,032 - Non-Targeted: $301,929 - Mansfield: $160,000 |
| HOME BUYER EDUCATION | All buyers (any person on the Note other than cosigners) must attend an approved on-line homebuyer education course. |
| FICO SCORE REQUIREMENT | Mid score must be 620 or higher |
| CO-SIGNERS | Cosigners are permitted for FHA loans under very specific conditions. See Program Guidelines. |
| LOAN TIME LINE REQUIREMENTS | - Reservation to UW Cert: 45 Days- Reservation to Close and Delivery: 85 days- Reservation to Loan Purchase: 110 days |
| OTHER | For additional information, please See Program Guidelines. |
Current Rates
- 4.50% Assisted Rate Loan with 4% Assistance Grant
- Term: 30 Year Amortizing
DPA
- Assisted rate includes 4% of final loan amount
Program Updates
- Final File Submission Date: November 10, 2012
Final Loan Purchase Date: November 24, 2012 !
Lender F.A.Q.
I am a lender and I have questions. Who can I contact?
If you have any questions, please refer to the Compliance Contact Directory.
What is the First Time Homebuyer Program?
The First Time Homebuyer Program is a program offered by the state of Texas to help Texans buy their first home. The program provides low-interest rate home loans for eligible families and individuals through the sale of tax-exempt mortgage revenue bonds.
Homebuyer F.A.Q.
What is the First Time Homebuyer Program?
The First Time Homebuyer Program is a program offered by the state of Texas to help Texans buy their first home. The program provides low-interest rate home loans for eligible families and individuals through the sale of tax-exempt mortgage revenue bonds.
Who is eligible for the program?
Homebuyers who have not owned a home within the past three years, who meet program income guidelines and do not exceed the program purchase price limits are eligible to apply for a loan under this program.
To register for Tarrant County HFC Flex Training, please click here. For additional information on Lender Flex Training, please visit our Flex Training F.A.Q.
Note: Flex Training is available only on Tuesdays between 7 AM – Midnight in all time zones.
