WASHINGTON (Nation's
Building News) – The Texas Department of Housing and Community Affairs
has introduced two loan programs designed to help first-time homebuyers
apply the new $8,000 tax credit toward down payments and closing costs.
The 90-Day Down Payment Assistance Program and the Mortgage Advantage
Program will allow consumers to receive a short-term loan before filing for and
receiving the federal tax credit. Consumers can apply these loans toward down
payments and closing costs.
Both programs provide assistance of up to 5 percent on the first lien
mortgage, but the 90-day program maxes out at $7,000 while the Mortgage
Advantage Program’s limit is $6,000.
Repayment times also vary for the two programs, at 90 days and 120 days,
respectively.
More information about these programs is available at the Texas
Department of Housing and Community Affairs' website.
Read more about the $8,000 tax credit in next month's issue of Tierra
Grande magazine.