An unprecedented amount of state funding will make homeownership a reality for many Texans this year.
The Texas Department of Housing and Community Affairs will release $255 million in funds through its First Time Homebuyer Program, the largest release of such funding ever structured by the state. About $240 million of the total will come in the form of low-interest home loans, with the remaining $15 million dedicated through mortgage credit certificates.
"Owning a home has always been an essential part of the American Dream," says Gov. Rick Perry. "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. 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."
For more information about FIRST TIME HOMEBUYER LOANS click here.
TDHCA is earmarking $108 million of the $240 million in low-interest loans for home purchases in the southeast Texas region affected by Hurricane Rita in an effort to speed economic development and recovery in that 22-county area.
The First Time Homebuyer program offers qualifying households the ability to purchase a home at rates typically unmatched anywhere in the state.