Single Family Mortgage Revenue Bond Program - 2006A

Issuer

Nortex Housing Finance

Size of Bond Issue

$15.37MM (Aaa-rated, revenue bonds)

Eligible Loans

FHA/VA/RHS/Fannie Mae eligible conventional (30-year, fixed rate)

Eligible Mortgagors

1. First-time Homebuyers
   Cannot have owned a home in the past 3 years (except in "Targeted Areas"). Targeted Areas are census tracts designated by HUD as underserved in mortgage loan origination.
2. Maximum Family Income:
   

   	Non-Targeted	Targeted
   Families of 2 or fewer:	$54,300	$65,160
   Families of 3 or more:	$62,445	$76,020

3. Maximum Home Cost:
   

   	Non-Targeted	Targeted
   One Family Residence:	$237,031	$289,704

Eligible Loan Area

Mortgage loans under the program may be made to qualifying borrowers throughout the 11-County area of the Nortex HFC (the counties of Archer, Baylor, Clay, Cottle, Foard, Hardeman, Jack, Montague, Wichita (including the City of Wichita Falls), Wilbarger, and Young).

Interest Rate

The mortgage loan interest rate is 6.15%

Down Payment Assistance

Assistance is in the form of a second mortgage that may be up to 8.0%.

Utilization

To date, $7,000,000 has been reserved by those seeking mortgage assistance.