BVCDC Home Loans

BVCDC Loans are offered to qualified home buyers throughout the Brazos Valley with the cooperation of local banks.

Eligibility

You are eligible to receive a BVCDC Loan if:

• You are looking for a home within Brazos, Burleson, Grimes, Leon, Robertson, Madison, and Washington counties.

• INCOME LIMIT: Your household income is less than 80% of the median income in the county you wish to purchase a home.  

           

**Click for qualifying income levels by county**

• DEBT TO INCOME LIMIT:  Your debt to income limit does not exceed 41%.

• EMPLOYMENT HISTORY: You have worked a minimum of 12 continuous months of work in the same field/line of work.

• CREDIT REQUIREMENTS: You meet reasonable credit requirements.

• 12 months verifiable rental or mortgage history.

• Current on all existing debt.

• Items turned over for collection must have repayment in place with a minimum of 6 months payment history.           

• Letters may be required from applicants concerning any late and/or charge offs.

• Non-traditional forms of credit are acceptable in the absense of formal credit history.

• Loan Review Committee may consider additional criteria at their discretion.

• Reserves - No reserves are required but the availability of reserves will receive additional consideration.

• Payment Shock - limited to 50% increase in housing expense.  First time buyers with no verifiable prior housing expenses may be considered contingent on other criteria being at or above the minimum acceptable criteria.

To Apply

1.      Download, print, and complete the following application. 

**CDC Loan Application**

2.      Complete Online Fannie Mae 1003 application.  (Personal information secured by Equifax Security)

**English** or **Spanish**

OR 

Download, print, and complete the following application.

**Fannie Mae 1003**

3.      Mail the completed application(s) along with:

to BVCDC Home Loan, BVAHC, P.O. Drawer 4128, Bryan, TX 77805.  

Mortgage Terms Available

1. Fixed Rate 30-year or 15-year balloon with 30-year amortization, other terms considered upon request.

2. Interest Rate - Rates for the BVCDC are set based on, and tied to, the average rate offered by its individual member institutions for similar fixed rate mortgages and will be determined at time of loan commitment.

3. Maximum Loan to Value Ratio - lesser of 97% of appraised value or purchase price.

All terms and conditions subject to change without notice.  For more information, contact the Brazos Valley Affordable Housing Corporation.