Welcome to Eagle Nationwide Mortgage Company, a subsidiary of Eagle National Bank (a federally chartered bank) and the DFW Housing Programs , we help homebuyers receive up to $25,000 down payment/financial assistance throughout Texas. The program is now available through every mortgage company or mortgage broker and there is no upfront cost or fees to participate. The only fee is a $250 homebuyer education/admin fee at time of closing.

Bond Program
Tax Exempt Mortgage Revenue Bond Programs, Recapture Tax, Target Areas, Rita Go Zone, Series 68, Bond #69, Bond #70 Programs and the NEW 6% Financial/Down payment Assistance Structured program.

Overview of Tax Exempt Mortgage Revenue Bonds
Mortgage bond loan programs are designed primarily for low-and middle-income families who are first-time homebuyers.

Advantages to borrowers include:
Below market interest rates, Down payment assistance grants, Second mortgages which can be used for down payment assistance and/or closing costs, when available, When tax-exempt bonds are used to finance mortgage loans, certain criteria is required to retain the bonds’ tax-exempt status, including:

Sales price limits, Income limits, First-time homebuyer requirements, Owner occupancy requirements, Geographic restrictions and Recapture Tax

The objective of recapture tax is to enable the federal government to collect or “recapture” the subsidy received by the borrower in below- market interest rates and down payment assistance, financed with tax exempt mortgage revenue bonds.

Recapture Tax is Due if: The property is sold within 9 years after the mortgage closed; AND there is a gain (net profit) on the sale of the home; AND borrowers experience substantial increase in their income, above the modified adjusted gross income.

The maximum recapture tax that can ever be paid is the lesser of: 6.25% of the original mortgage amount OR 50% of the gain realized on the sale of the residence.

Target Areas
Areas in which seventy percent (70%) or more of the families have an income which is eighty percent (80%) or less of the statewide median family income Target Areas are listed by Census Tract in Compliance Section of the TDHCA’s Website. Properties within Target Areas waive the following: First-Time Homebuyer Requirements, tax returns requirement, unless self employed and VOR (verification of rent). Higher purchase price limits. Limits are increased from 90% of the average area purchase price to 110% of the average area purchase price. Higher income limits. Limits are increased from no more than 115% of the applicable family income to 140% of the applicable family income.

Eligible Properties:
Single Family Units, Agency Approved Condominiums, Planned Unit Developments (PUD’s)

Ineligible properties:
Rental homes, Co-ops, Investment properties, Recreational, vacation and or second homes

AmericanHousingPrograms.org
Providing Federal Down Payment Assistance

• Eagle Nationwide Mortgage Company, a subsidiary of Eagle National Bank (a federally chartered bank) provides access to H.U.D. down payment assistance programs, state mortgage revenue bonds and the 6% Financial Assistance Program via AmericanHousingPrograms.org.

Down Payment Assistance Programs available NOW!!!!!

• Hope DPA Program Provides up to $40,000 Down Payment Assistance and is only available in HUD Targeted Areas!!!
• 6% DPA (down payment assistance) Program is now available in 40 States!!!
• No Down Payment Requirement on USDA loan program!!!

  HUD DPA Administration forms are provided by AmericanHousingPrograms.org and Eagle Nationwide Mortgage Company, a subsidiary of Eagle National Bank (a federally chartered bank)

• The DPA Program can be combined with the Federal Tax Credit Program for an additional $7500 in assistance!!!
• Bond #69 & #70 allow up to 110% of the median income limits and 115% on the average median price of the county.

HB (home buyer) ED is administered by MGIC and a certificate is provided upon completion!!!

• 40 States now have access to the financial assistance programs available NOW!!!

All Federal, state and local banking institutions that have mortgage operations are required to utilize HUD and USDA down payment/financial assistance programs.

Cost and Fees
There are NO upfront costs or fees to use the DPA programs. The homebuyer pays a $250 required Homebuyer Ed/Admin fee at closing.