Market News
February 4, 2011
Texas Mortgage Credit Program:
New Homeowners Can Save $2,000 Per Year
The Texas Department of Housing and Community Affairs has released $45 million dollars of funds to the Texas Mortgage Credit Program, a program that gives a dollar-to-dollar federal tax reduction based on the mortgage interest paid per year, up to $2,000 for the life of your loan.
Who's eligible?
To be eligible for the Texas Mortgage Credit Program, you must meet the following criteria:
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.
Exception: Veterans who served in active duty and have been honorably discharged are exempt from the previous ownership requirement.
What's eligible?
All new or existing single family homes, condos and townhomes are eligible properties, as long as they are the primary residence. All mortgage loan types are eligible, available through participating lenders. There are purchase price limits, as well as income limits.
For more information about this program and for help finding a participating lender, give us a call today! 512-532-5005
