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The State of Texas -- Mortgage Revenue Bond Program (MRB)
CDCB partners with the Texas Department of Housing and Community Affairs to provide a 30 year fixed interest rate mortgage loan. Monthly payments start at $500, depending on the loan amount and include principal, interest, taxes and insurance. 3% Payment is required.
Families interested in purchasing a new home in the Cameron County area earning under 120% of the AMFI. |
Minimum equity of 3% of sales price. |
Depending on bond rate |
100% of loan amount
4% of loan amount gift for Closing Cost and Downpayment for qualified applicants when available.
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Up to $10,000 from CDCB for Downpayment & Closing Costs. For qualified participants (80% or below of AMFI) when available.
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$70,000 for purchases of CDCB Subdivisions homes.
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31/43 for new construction
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Requirements for the Texas - MRB program
- Minimum of $1,500 gross monthly income;
- 3% downpayment;
- Consistent work history or steady income from other sources;
- Reasonable credit status;
- Completion of Home Buyers Education classes
MRB Underwriting Guidelines:
MRB Loan Program |
97.75%>$50,000
98.75%<$50,000
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FHA Max. per area |
30 years |
Bond rate |
Purchase/Rate/Term |
No |
Lower of cost or appraised value |
Single family residence |
Owner Occupied |
Approx. 3% |
Qualified Borrowers |
29/41 fixed/existing
31/43 fixed/new const.
Exceptions may be considered with compensating factors |
FHA Guidelines |
MI 1.50% up front financeable + .5% per month |
Required |
None |
Cameron County |
Assisted – 80% below AMFI
Non-Assisted -- None |
Yes |
6% |
Standard |
FHA |
No |
Yes; No if in target area |
Limited by FHA/HOC
Premium Pricing/Gift/Grant OK |
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