The Texas Department of Housing and Community Affairs has reduced interest rates on mortgage loans offered through its Texas First Time Homebuyer Program to its lowest levels in the program's 27-year history.
Loans come in two forms: assisted loans, which feature a low 4.95 percent rate but also offer down payment and closing cost assistance up to 5 percent of the mortgage amount; and unassisted loans, at an even lower 4.20 percent rate but with no additional assistance.
The Texas First Time Homebuyer Program offers qualifying low to moderate income households who have not owned a home in the previous three years an opportunity to obtain safe, reliable mortgage loans.
Loans are available through the program's network of over 55 participating lending institutions with more than 300 branches located throughout the state. For more information about the program and how to qualify, visit the program's Web site: http://www.tdhca.state.tx.us/homeownership/index.htm or call 1-(800)792-1119.
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