TDHCA is making available $600 million in homebuyer assistance — the largest amount ever offered by the state — through a new mortgage-backed securities initiative that provides qualifying borrowers a number of advantages over the Department’s previous single family bond program.

The First Time Homebuyer Program’s “Taxable Mortgage Program” (TMP Program 79) offers a more competitive interest rate than was possible under the bond program, while increasing the amount of down payment and closing cost assistance offered from 4 percent to 5 percent of the mortgage loan.

Plus, TMP funds can be combined with the Department’s Mortgage Credit Program, further increasing the home’s affordability. The program features a number of other benefits homebuyers will find attractive; however, current eligibility guidelines still apply. More »