The City of Austin’s Neighborhood Housing and Community Development Department has $1.8 million in funds available for down payment assistance. There are two programs available, the Standard DPA and the Shared Equity DPA.
The Standard DPA gives the borrower up to $14,999 in a forgivable, 0% interest loan. The Shared Equity DPA gives the borrower up to $40,000 in a forgivable, 0% interest loan with shared equity. The programs also allow the borrowers to use a Mortgage Credit Certificate program which increases the amount they qualify to purchase.
The home must be in the full purpose area of Austin. The Shared Equity program does not allow homes built prior to 1978 but the Standard DPA program does not have an age restriction.
The borrowers must be first time homebuyers.
The income limits increase with the number of people in the household:
1 person - $43,600
2 person - $49,800
3 person - $56,050
4 person – $62,250
5 person - $67,250
6 person - $72,250
7 person - $77,200
8 person - $82,200
Not everyone can qualify for this program but it is great program for the clients that do qualify. There are other down payment assistance programs for clients that do not meet these requirements even if they are not a first time homebuyer.
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