Governor Rick Perry, TDHCA Announce Release of Homebuyer Funds with up to $14,500 Down Payment Assistance/5.75% 30 Year Fixed Rate Assumable Mortgage

Governor Rick Perry announced the record release of homebuyer funds at a June news conference. TDHCA Board Chair Elizabeth Anderson (background) joined 100 local officials, area Realtors, lenders, residents, and members of the media in attendance.

Governor Rick Perry joined TDHCA Chair Elizabeth Anderson to announce the Department’s release of homebuyer funds. TDHCA is making available a below market 5.75% 30 year fixed rate assumable mortgage and up to $14,500 of down payment assistance.

“This is an opportunity for anyone who has dreamed of owning a home, but felt that finances put it beyond their reach,” Governor Perry told the assembled audience and members of the news media.

Income limits are up to $99,540 and mortgage insurance is reduced approximately 50%. Mortgage Lenders are not permitted to utilize the program, only participating mortgage bankers.

Texas Housing Programs is providing thousands of for sale sign riders to Realtors announcing the $14,500 assistance that has a purchase price limit of $289,704. Only $500 of homebuyer funds is required and the mortgage loans are assumable to the next purchaser.