Nortex HFC Bond Program
*****ATTENTION: This program is fully originated. There is no more money available. We will be sure to announce if/when this program opens back up again.*****
If you’ve ever dreamed of owning your own home but felt that buying a home was a little beyond your reach, the Nortex Housing Finance Corporation may make your dream easier to achieve with their ownership program. This program offers a 30-year fixed rate mortgage and a second mortgage available for down payment and closing cost assistance.
This program is available in Archer, Baylor, Clay, Cottle, Foard, Hardeman, Jack, Montague, Wichita (including the City of Wichita Falls), Wilbarger, and Young counties.
To qualify for a Nortex HFC Bond Program loan you must meet the program the program requirements listed below.
Any of the following listed below qualify as a first-time buyer:
*A person who has not owned and occupied their principal residence in the last 3 years.
*A person who has never owned their principal residence.
*A qualified military veteran.
*A person purchasing a home in a Targeted Area.
And you must also:
*Be credit worthy, there are minimum credit scores in this program.
*Have a fully executed sales contract for a specific property.
Properties must also be able to qualify in the program. What qualifies - New or existing, one to four unit, detached or attached, condo and manufactured homes.
What homes do not qualify? Mobile, recreational, seasonal or other type of vacation or non-permanent homes are not permitted in the program.
Fees in the program
Lenders may charge 1.00% as origination or discount fees. They may not charge additional points.
There is a $225 Bond Application Fee payable at closing by the buyer or seller.
Income Limits
There are income limits in this program. You must include the income of everyone who will reside in the property who is 18 years of age or older (even if they will not be party to the mortgage).
 |
Non-Targeted Areas |
|
Targeted Areas |
(In Wichita County only) |
County |
1-2 persons |
3 or more persons |
1-2 persons |
3 or more persons |
Archer, Clay & Wichita |
$66,000 |
$77,000 |
$71,400 |
$83,300 |
Baylor, Cottle, Foard, Hardeman, Wilbarger |
$59,500 |
$68,425 |
N/A |
|
Jack |
$60,000 |
$70,000 |
N/A |
|
Young |
$59,500 |
$68,880 |
N/A |
|
Montague |
$61,440 |
$71,680 |
N/A |
|
Purchase Price Limits
Qualified properties in the program have purchase price limits.
|
Non-Targeted Areas |
Targeted Areas |
One Unit |
$247,032 |
$301,929 |
Two Unit |
$316,252 |
$386,531 |
Three Unit |
$382,238 |
$467,179 |
Four Unit |
$475,063 |
$580,632 |
Participating Lenders
Listed below are the loan officers who’ve been actively participating in this bond program. This list is updated on a monthly basis.
(1-30-12)
Institution |
Name |
Phone Number |
|
American National Bank |
Angela Haisten |
940-397-2335 |
|
American National Bank |
Donna Vaughn |
800-460-2172 |
|
First Bank TX |
Karen Anderson |
|
|
First Nat'l Bank Wichita Falls |
Gail Brewer |
972-774-3412 |
|
PrimeWest Mortgage |
Andrea Holt |
|
|
PrimeWest Mortgage |
Diana Hunt |
|
|
PrimeWest Mortgage |
Kathy Roberts |
|