TDHCA Program 79
(Reservations accepted Mon – Fri 10 am – 8 pm EST, excluding holidays)
TDHCA Program 79
|PROGRAM FUNDS||Issued in Commitment Lots
Reservation locks are available Mon-Fri 10 am - 8 pm EST
All other system features available 24/7, 365
|ELIGIBLE AREAS||Statewide Texas|
|LOAN TIME LINE REQUIREMENTS||
|ELIGIBLE LOAN TYPES||FHA, VA, RHS|
|DOWN PAYMENT ASSISTANCE||Down payment and Closing Assistance determined by Commitment Lot Notices (See Rates). DPA is a second lien, 30-year term, due on sale/transfer. NEW! DPA must be funded at closing by TDHCA. Please review Wire Transfer Request Memo, Sample Loan Confirmation & TDHCA Wire Transfer-Funding Request Form|
|INCOME LIMIT CRITERIA||Household income is considered for All Borrower(s) – (Only Borrowers)
Click here to View the Program Income Limits.
|ACQUISITION LIMITS||Click here to View the Program Acquisition Limits.|
|HOME BUYER EDUCATION||Pre-Purchase Homebuyer education course required for all Borrowers.
Click here to View the Homebuyer Education Provider List.
|FICO SCORE REQUIREMENT||Mid score must be 640 or higher for all Borrowers.
Currently there is no Debt to Income (DTI) Ratio requirement for this program.
|CO-SIGNERS||Cosigners are permitted in accordance with FHA requirements. For details, Click here|
|REQUEST EXTENSION||Paid Extensions are available for closed loans needing additional time to clear pending items with eHousingPlus or US Bank. The extenions are NOT available to extend program requried timelines for closed/delivered loans by 45th day. NEW! Lot 4: Effective on reservations 2/25/2013 there will only be a 30 day extension option available, for a fee of .375% of the loan amount. 15 day extensions will no longer be available.Current Lots 1-3: Any loan not purchased within 60 days is ineligible for purchase unless the lender chooses a one-time 15 or 30 day extension. A 15-day extension is 0.25% & a 30-day extension is 0.50% of loan amount.To request an extension, Click here|
|THE PROGRAM ADMINISTRATOR(eHousingPlus)||
|THE MASTER SERVICER||
(Commitment Lots issued at $35,000,000)
- Lot 8 - Effective 5/30/2013 NEW!
- All loans must be delivered within 45 days of the Reservation Date & Purchased within 60 days of Reservation Date
- SRP-Upon purchase of the Mortgage Loan by the Servicer, the Lender will receive a Servicing Release Premium in the amount of 0.75% of the purchased principal amount of the Mortgage Loan provided that the Servicing Release Premium will be no less than $750.
- All Mortgage Loans must be delivered within 60 days of the Reservation Date
- Lot 7 – 4.00% (eff 5/22)
- Lot 6 – 3.75% (eff 4/16)
- Lot 5 – 4.000% – (eff 4/8)
- Lot 4 - 4.000% – (eff 2/25)
- Lot 3 - 3.750% – (eff 1/11/2013)
- Lot 2 – 3.250% – (eff 12/10/2012)
- Lot 1 - 3.500% -(eff 10/10/2012)
Downpayment Assistance – (Read NEW Wire Transfer Request Memo and Sample Loan Confirmation)
- 5.00% – of the final loan amount (effective 10/10/2012)
The Following Lenders have been approved to originate loans in this Program:
- Academy Mortgage Corporation
- Affiliated Bank
- ARK-LA-TEX Financial Services LLC – DBA Benchmark Mortgage
- Aspire Financial, Inc.
- Castle & Cooke Mortgage, LLC
- Cendera Funding, Inc.
- Churchill Mortgage Corporation
- Colonial Savings, F.A
- Community Development Corporation of Brownsville
- Cornerstone Home Lending, Inc.
- DHI Mortgage Co., Ltd.
- Envoy Mortgage, Ltd
- Everett Financial, Inc., dba Supreme Lending
- Fairway Independent Mortgage Corp
- First Community Bank
- First Continental Mortgage, LTD.
- First National Bank – El Paso
- FNBT dba First Community Mortgage
- Gateway Mortgage Group, LLC
- Georgetown Mortgage, LLC
- Guild Mortgage Company
- Hometrust Mortgage Company
- Houstonian Mortgage Group, Inc.
- iMortgage.com, Inc.
- InterLinc Mortgage Services, LLC
- K. Hovnanian American Mortgage, LLC.
- MI Financial Corporation
- Mission Mortgage of Texas, Inc.
- National Bank Mortgage
- Nationstar Mortgage, LLC
- Network Funding, L.P.
- New Penn Financial, LLC
- Premier Nationwide Lending (NTFN, Inc.)
- PrimeLending Primewest Mortgage Corp.
- PrimeWest Mortgage Corp.
- Pulte Mortgage LLC
- RMC Mortgage Corporation
- Real Estate Mortgage Network, Inc.
- Republic State Mortgage Company
- Rocky Mountain Mortgage Company
- Service First Mortgage Co. (SFMC, LP)
- SWBC Mortgage Corporation
- The Lending Partners, LLC
- TXL Mortgage Corporation
- Universal American Mortgage Company
- US Bank Home Mortgage
- Wells Fargo
- Weststar Mortgage Corporation
- Whitney National Bank
- Wintrust Mortgage
- WR Starkey Mortgage, LLP
Interested in becoming a participating lender? Contact us.
Effective 2/25/2013 – NEW Extension Fees have been set for Lot 4. There is only a 30 day extension option at a fee of .375% of loan amount.
Effective 12/10/2012 the First Mortgage Rate is reduced to 3.25%. All loans must be delivered within 60 days of the Reservation Date. Upon purchase of the Mortgage Loan by the Servicer, the Lender will receive a Servicing Release Premium in the amount of 0.75% of the purchased principal amount of the Mortgage Loan provided that the Servicing Release Premium will be no less than $750. Extension request below lenders
TDHCA Program 79 – Started Oct 10, 2012 – If you missed the TDHCA 79 webinar on 10/6, there are changes to this program. Please take the time to read the guidelines posted on the Summary Tab or attend the online program training posted on the Training Tab. Should you have any questions, please contact Sue@ehousing.cc or Jennifer@ehousing.cc .
Click here to request an extension. ** Request MUST be submitted before the 60th day. This request is only for loans that closed and have been received both by eHousingPlus and US Bank. For more details, please refrence the guidelines posted on the Summary Tab.
Any loan not purchased within 60 days is ineligible for purchase unless the lender chooses a one-time 15 or 30 day extension.
The cost of the extension is 0.25% of the actual principal amount of the Mortgage Note for a fifteen-day extension and 0.50% of the actual principal amount of the Mortgage Note for a thirty-day extension. The extension fee is due whether or not loans are ultimately delivered and/or purchased. The extension fee will be netted by the Servicer when loans are purchased. Any outstanding fees owed by the Lender may result in that Lender becoming ineligible to participate in the Program.
Again, the extension is offered once per loan and no further extensions will be allowed. Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe will become the liability of the originating lender, including any down payment assistance provided at closing.
Program forms are accessed after the loan is reserved/certified in our system. The program forms are auto-generated based on the loan data information provided at reservation, updated and certified.
- Notices to Buyers
- Eligible Borrower Affidavit
- Settlement Notice Regarding Repayment of DPA
- Subordinate Lien Note
- Subordinate Lien DOT
- NEW: Wire Transfer Request Memo, Sample Loan Confirmation
- NEW: TDHCA Wire Transfer-Funding Request Form
- Administrator’s Guidelines
Examples of forms:
I am a lender and have questions about the process. Who can I contact?
Does the lender have to pay a participation fee?
What are the allowable fees a lender can charge on a Texas First Time Homebuyer Program bond loan?
- Lenders may charge up to 2.00%. Lenders cannot charge any additional points. There is a $560 Application Fee in the Program. (Tax Compliance Fee $225, Tax Service Fee of $85 and a Transfer Fee of $150) Lenders retain $100 of the Application Fee.
-Other Closing Costs: including appraisal fee; credit report fee, survey fee, title insurance fee, etc. (must be fully disclosed on HUD-1 in accordance with agency policies)
What is the First Time Homebuyer Program?
How often are funds made available under the program?
Do I need to submit a form if I am using the Veteran’s first time homebuyer exception?
What is the First Time Homebuyer Program?
Who is eligible for the program?
What type of home can I buy?
Are Conventional Loans allowed in this program?
Are funds available for downpayment and closing cost assistance?
What is recapture tax?
What is a Qualified Veteran’s Exemption?
Can a Duplex be financed under the program?
Does the homebuyer have to repay the Down payment Assistance?
Does the first time homebuyer requirement apply to homes owned within the United States only or for foreign owned homes too?
eHP Lender Program Training- Required for everyone participating in the program and is offered 24/7. Click here to attend
eHP System Training*- After you complete the online Lender Program Training, information is provided as to what happens next. To register for eHP System training, Click here. Please make sure you sign up for system training; do not wait until the last minute and put your loan closing at risk.
To read more about eHP Program Training, click here.
* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.