Bond Program
In some cases, a bond program will be the best possible option for you as a borrower. One such program is the Texas First Time Homebuyer Program, which is also known as Bond Program 77.
Bond Program 77 helps borrowers to receive competitive interest rates with a 30-year repayable mortgage for their home loans. The borrowing can help with down payments and closing costs. As a result, the program opens up the possibility of buying a home to a wider number of people. The program can be used by anyone who qualifies that is buying property within the borders of Texas.
In order to meet the qualifications, borrowers need to have low or moderate income and they must be buying a home for the first time. If they have not owned a home in at least three years, then they are also qualified.
Another program is the Texas Mortgage Program, known as TMP-79. This was designed to replace a previous single-family bond program. It is backed by more than $600 million set aside for the assistance of homebuyers. When compared to previous programs, the Texas Mortgage Program offers better interest rates and assistance on down payments and closing costs. Those additional elements may make up as much as 5 percent of the total loan. Depending upon where the home is located, there are different maximum income requirements.
These are programs that should be looked into by those who cannot afford to make an entire down payment, but can afford to make at least a partial down payment. They may also be able to be combined with other programs, thus enabling the purchase of a home with no down payment.
Our experts are familiar with all of the available Texas Bond Programs. As a result, they can help you to determine whether or not you are eligible for any.
Once you’ve figured that out, you can discuss whether or not the available Texas Bond Programs are your best option moving forward. If they are, then we can help you to begin the application process.
As with the other programs offering government assistance, the goal is to make the dream of home ownership a bit easier to achieve. If you didn’t think owning a home was ever going to be a possibility for you, we may be able to help you get the “yes,” answer that you’ve been hoping for.
"Loans are what we do, not who we are."- CEO, Steve Jacobson
This may vary depending upon the specific type of mortgage you are applying for, as different agencies will need to be involved in the process. Typically the process plays out in a month or less, though some will go quicker. It is not uncommon to have the mortgage application processed within 10 days. It is critical that you get the application entirely completed, so that you can avoid any delays along the way.
The main thing that can delay the approval of a loan is failing to properly and completely fill out the applications. It is also important that you be completely honest on the applications, as any discrepancies may cause delays. In addition, changing jobs, having a change in your salary, changing your marital status or taking on additional debt can delay the approval of a loan.
Closing costs include items such as taxes, title fees and hazard insurance. Sometimes what is included in closing costs varies, and it can be impacted by the negotiation process on the sale price of the home, as the homeowners may or may not cover certain closing costs. You’ll want to have some money set aside to cover your closing costs.
Prepaids are items that you as the homebuyer pay at closing. This is a payment before the actual due date. These may be necessary depending upon the details of the closing. They include taxes, hazard insurance and other various assessments.
After you close, you’ll receive a letter that includes all of the dates and information that you need. If you want further details while you are closing, you should inquire about the specific due date of the first payment.
“Loans are what we do, not who we are.”
– CEO, Steve Jacobson