THDA Great Start Program
Posted on | October 2, 2008 | No Comments
I want to do a series of blogs in regard to the THDA loan programs for first time home buyers. These programs are designed to help first time home buyers within a certain income ranges to purchase a home at a good interest rate. The first one I want to look at is the Great Start Program.
This program is for those families who need help with down payment and closing costs in order to get into a home and you can get a grant up to 4%. You will need to have a job that shows income and W-2’s over the last two years as well as one years tax return or own a business that has at least two years of tax returns showing income to qualify. There are income restrictions, depending on how many people are living in the home and location, so do check with your lender before you move forward.
The current rate can change at any time so check with your lender to find out what the rate is today. This loan is a 30 year fixed and has a requirement that you must go through the Home buyer Education class. Again, check with your lender to get a full explanation of the recapture tax as well as the best loan of this type, be it FHA, VA or conventional.
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