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Presentation and Discussion of Bond Finance and Home Ownership activities and initiatives
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BACKGROUND
The Bond Finance and Home Ownership Division assists Texas families and individuals of low-to-moderate income obtain home ownership. These teams work in tandem to promote home ownership for qualifying low to-moderate-income Texas families and veterans.
Bond Finance Report
Bond Finance administers the Department's Mortgage Revenue Bond (MRB) and Mortgage Lending Programs and is responsible for managing the Bond Indentures. This report will cover the following topics:
TDHCA Loan Programs
* My First Texas Home (MFTH) is exclusively for qualified first-time, low to moderate-income, Texas homebuyers and veterans. MFTH loans include Repayable Down Payment Assistance (DPA) ranging from 2% to 5%. The MFTH program also provides an "unassisted" loan with 0% DPA, which is essentially a TDHCA funded rate buy-down.
* My Choice Texas Home (MCTH) is available for low-to moderate-income Texans who don't qualify for MFTH. TDHCA provides Repayable and Forgivable Down Payment Assistance (DPA) ranging from 2% to 5% of the purchase price.
Down Payment Assistance
Down Payment Assistance is designed to help homebuyers cover some of the upfront costs associated with purchasing a home and provide a path to homeownership sooner rather than later. TDHCA DPA programs include a 30-Year repayable and a 3-Yr forgivable. Both are 0%, non-amortizing, second liens, due upon refinance or repayment of the first lien mortgage loan or if the property is no longer the borrower's primary residence.
Mortgage Credit Certificates
Mortgage Credit Certificates are a homebuyer assistance program designed to help low-to-moderate income families afford homeownership, which allows homebuyers to claim a dollar-for-dollar tax credit for some portion of mortgage interest paid per year.
Home Ownership Report
Homeownership manages the loan level interface and relationships with lenders, ...
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