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.
About Shin Oak Realty
- Candice O'Dell, Realtor
- Liberty Hill, Texas, United States
- Professionally, I am a Realtor at Shin Oak Realty, currently working to complete requirements for my Brokers License. We are a full Real Estate Office specializing in the Central Texas Real Estate market. Residential, Commercial, Ranches - we do it all! Personally, I am a professional, mom, volunteer and friend. I love photography, technology, and traveling.