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TDHCA Texas Department of Housing and Community Affairs
Programs:
The Texas Department of Housing and Community Affairs (TDHCA) created its Texas
Mortgage Credit Certificate (MCC) Program and My First Texas Home’s "Taxable
Mortgage Program" (TMP-79) for the residents of Texas, to help make ownership of
new and existing homes more affordable for individuals and families of low and
moderate income, especially first time buyers.
Read more about the program below or use the
Lender Locator to find lenders in your
area who are currently participating in the program. The list includes address
and contact information.
Texas Mortgage Credit Certificate Program
What is a Mortgage Credit Certificate?
A Mortgage Credit Certificate allows the homebuyer to claim a tax credit for
some portion of the mortgage interest paid per year. It is a dollar for dollar
reduction against their federal tax liability.
Currently, the homebuyer can claim tax credit for 35% of the total interest paid
per year up to $2000 per year for the life of the loan.
Note: The Mortgage Interest Credit (MCC) is a non-refundable tax credit,
therefore, the Homebuyer MUST have tax liability in order to take
advantage of the tax credit.
Who is eligible to receive an MCC?
The program is open to those individuals and families who:
-
meet income
and home purchase requirements;
-
have not
owned a home as primary residence in the past three (3) years;
-
meet the
qualifying requirements of the mortgage loan;
-
will use the
home as their principal/primary residence.
Note: The MCC may not be used in connection with the refinancing of an existing
loan. Targeted Areas – first time homebuyer requirement is waived; increased
income and purchase price limits.
My First Texas Home (TMP 79)
Effective October 2012, TDHCA announced the release of $600 million in
homebuyer assistance — the largest amount
ever offered by the state — through a new mortgage-backed securities initiative
that provides qualifying borrowers a number of advantages over the Department’s
previous single family bond program.
My First Texas Home’s "Taxable Mortgage Program" (TMP-79) offers more
competitive fixed interest and annual percentage rates while providing down
payment and closing cost assistance of 5 percent of the mortgage loan.
Plus, TMP funds can be combined with the Department’s
Mortgage Credit Certificate Program,,
further increasing the home’s affordability. The program features a number of
other benefits homebuyers will find attractive; however, current eligibility
guidelines still apply.
Current Available Funds
Effective October 2012, TDHCA announced
the release of $600 million in homebuyer assistance
funds for first time homebuyers available on a first come, first served
basis. The funds will be managed through the periodic release of
Commitment Lots – each totaling approximately $35 million.
Below is a summary of approximate program
funds available as of December 21, 2012:
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My First Texas
Home Assisted Funds Available
|
 |
Remaining
|
Rate/APR
|
AMFI
|
Amt. of
Assistance
|
My First Texas Home - Program 79 -
Statewide Assisted - Commitment Lot #2† |
$24,293,246 |
3.25% / 3.434%
|
Up to 115/140% |
5% of loan amount
2nd Lien |
|
MCC Funds
Available
|
|
|
Remaining
|
MCC
Credit %
|
AMFI
|
Program
End Date
|
Texas Mortgage Credit Certificate Program
Non Targeted/Targeted
|
$20,000,000 |
35% |
Up to 115%/140% |
12/31/14 |
†Rates subject to
change. |
Click on the picture to view a larger size
To see complete description of these programs,
requirements, eligibilities, rules and regulations, please visit
http://www.tdhca.state.tx.us/homeownership/fthb/index.htm
To see more of other financing programs, please visit
www.TexasFiveStarRealty.com/Types_of_Loans.asp
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