Texas Offers $16M for Rita Home Loans

The Texas Department of Housing and Community Affairs has announced the release of $16 million for loans to qualified homebuyers wishing to buy a home in the 22 East Texas counties designated as the Hurricane Rita Gulf Opportunity Zone.Provisions of the Gulf Opportunity Zone Act of 2005 have enabled the TDHCA to make loans at a 4.99% interest rate through participating lenders in the so-called Rita GO Zone, the agency said. Under the program, an eligible borrower's income can be up to 140% of the area's median income and the purchase price can be as high as 110% of the area's median home price, according to the TDHCA. Further information on the program can be found online at http://www.myfirsttexashome.com.