New DPA from TDHCA

It has been released that we can now do DPA through the TDHCA at America Home Key. I have included the following information from the TDHCA website telling exactly what the program is and you can click on the picture to the left for more info.

Down Payment Assistance Programs

The Texas Department of Housing and Community Affairs (TDHCA) is pleased to announce the release of 2 new down payment assistance programs - the Mortgage Advantage Program and the 90-Day Down Payment Assistance Program. Both programs are designed to monetize the Federal First Time Homebuyer Tax Credit enacted within the American Recovery and Reinvestment Act of 2009 by helping Texas families take advantage of the opportunity made available by recent Congressional action.

Under the Mortgage Advantage Program, TDHCA has made available on a first come, first serve basis to participating mortgage lenders approximately $1 million in down payment assistance for use in conjunction with the 2009 Texas Mortgage Credit Program and approximately $1.5 million in down payment assistance for use in conjunction with The Texas First Time Homebuyer Program (Bond 70). The first lien interest rate for Program 70 will remain at 5.75%.

Under the 90-Day Down Payment Assistance Program, TDHCA has made available $5 million in down payment assistance to be used in conjunction with first lien mortgage loans originated by the lender.

• Program guidelines and additional information (PDF)
• Please refer to the First Time Homebuyer Participating Lender List (PDF) and/or the Texas Mortgage Credit Program Participating Lender List (PDF) to find lenders who also participate in the Mortgage Advantage Program.
• 90-Day Down-Payment Assistance Program Participating Lender Contact List (PDF)
• For lender documentation please visit the Homeownership Programs Lender Documentation page.

For current available program funds please visit the Available Funds page.