Tax Credits are Kaput -- Bond 77 to the Rescue

When I first heard about this program, I was worried that the average home price in Austin, which is around $180K would not qualify, but it does. Note the lofty limits below.

TDHCA Bond 77 Map Search/Program Details
This program is NOT for investors, second homes, and multi-family
Areas in blue are considered “Targeted” areas by the TDHCA; all other areas are considered “Non-Targeted” areas.
Austin Map

TDHCA Bond 77 Program Details
The TDHCA (Texas Department of Housing and Community Affairs) has rolled out a new bond program to assist buyers with their down payment when purchasing a home. “Bond 77″ is its largest financing allotment to date and is an incredible 500 Million in funds, released monthly in 50 million dollar increments. This program comes just in time to fill the void left behind by the Federal $8,000 home buyer tax credit which expired April 30th. With liberal income limits and availability to both existing home buyers and first time home buyers alike, this affordable alternative for down payment assistance will surely be a hit. Below I have listed some of the major details – for more information feel free to email me at John.McClellan@SupremeLending.com or simply fill out the form above.

Are You Eligible?
There are income Income limits:
• Targeted areas (Location determine using Census Tracts, use our maps above)
o 1-2 persons = $87,960
o 3+ persons = $ 102,620

• Non- targeted areas
o 1-2 persons = $73,300
o 3+ persons = $84,295
• “Income” is defined as: the sum of the current monthly income of the mortgagors and anyone both living in the property and listed on the Deed.
• “Targeted Areas” are defined as: a census tract in which 70% or more of the families have incomes that are 80% or less of the statewide median income or an area of chronic economic distress, see maps above.


Property Price limits:
• Targeted areas: $316,177
• Non- targeted areas: $258,690
Other Details:
• Targeted areas: First time home buyers OR previous homeowners
• Non- targeted areas: First time home buyers only
• Choose either below market interest rate OR 5% down payment assistance
• No interest, no payments, note balloons in year 30
• NOT for investment properties, vacation homes, apartments, or multifamily