TEXAS FIRST TIME HOME BUYERS PROGRAM

Web Site:http://www.tdhca.state.tx.us
Telephone: 1-800-792-1119
Program Requirements and Highlights :

The Texas First Time Homebuyers Program provides low-interest-rate home loans to eligible families and individuals through the sale of tax-exempt mortgage revenue bonds.

It is available to homebuyers who:

• have not owned a home during the past three years,
• meet the program income guidelines for Collin County which range from $39,900 to $76,475 depending on the number of people in the household, and
• buy new or existing homes that do not exceed the purchase price limits of $171,155 to $195,091.
• Purchase site built or manufactured homes if permanently affixed to a foundation are also eligible.

Homebuyers that receive a loan under the FIRST TIME HOMEBUYER PROGRAM may be subject to a Federal Recapture Tax if (1) the home is sold within nine years, (2) the borrower earns significantly more income than when the home was bought, and (3) there is a gain or profit from the sale of the home. ALL THREE OF THESE CRITERIA MUST BE MET.

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