More Great News For Home Buyers
We have some great news in the home buying world, and we want to make sure to share it with you. For the second week in a row, mortgage rates are at 25 year lows. I checked the rate today, and it’s averaging at 4.70%! What does this mean for you? It means that you can afford more house or you can save money on your monthly mortgage payment. This great news coupled with great prices in the Austin Area make it a great time to buy real estate in Austin Texas.
Secondly, the Texas Department of Housing and Community Affairs has approved a bond to help First Time Home Buyers. Bond 77 can do 1 of 2 things for a buyer. It can either provide Down Payment Assistance or it can help buyers by providing a low interest rate. The details are below.
If you missed out on the home buyer tax credit, don’t worry. We want to help you find a home that is right for you and your family. Low interest rates, down payment assistance, and/or low home prices are all reasons to look forward to purchasing a home now.
BOND 77
What You Need to Know
Bond loans are reserved, not locked.
For owner-occupied only.
It’s possible to get a loan up to $288,750.
FHA loan requirements.
Interest rate:
- 4.99% fixed rate, 30-yr no assistance OR
- 5.74% fixed rate, 30yr 5% down payment
- Assistance: DPA – is due on sale or vacating the property
Income caps (100% Applicable Median Family Income):
- AMFI for 1 or 2 person families
- 115% AMFI for 3 or more person families
Fees:
- 1% participation fee
- 1% origination fee
- $325 bond application fee payable to TDHCA
All borrowers must complete an approved home buyer education class which can be done online.
Income tax recapture provisions may apply
- Recapture: 6.25% of original mortgage amount if borrower vacates, sells, or rents within the first 9 years.
REMAX Capital City | 13018 Research Blvd. | Austin TX 78750
Direct 512.918.1562 | Fax 512.331.7480
http://www.LivingNorthAustin.com
jim@livingnorthaustin.com
« North Austin Real Estate Market Report June 2010 | Home | Pre-Forecloure Short Sale In North Austin »
Leave a Comment