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HOUSING
The Austin Housing Finance Corporation (AHFC) offers several resources to help make the dream of homeownership a reality. The AHFC offers assistance with home ownership and homeowner repairs. Take a moment to learn about The City of Austin programs and be sure to find out more about new reasonably priced homes now available for sale. A “first-time” homebuyer is defined as someone who has not owned a home in the last three years.
Down Payment Assistance Program
The Down Payment Assistance Program (DPA) provides qualified, first-time homebuyers with a zero interest loan to assist with purchasing a home located within the Austin City Limits. The program offers a maximum amount of up to $5,000 in assistance, based on need. Assistance may be increased by an additional $1,000 for those applicants using a Mortgage Credit Certificate. The assistance is used to cover the down payment on a home and eligible closing costs.
The DPA program assists families with incomes at or below 80% of Median Family Income (MFI). The loan is due and payable upon the first lien payoff (refinance or home equity loan), sale, lease or transfer of title.
The DPA program can be used with the AHFC's other first-time homebuyer resources including the Mortgage Credit Certificate Program and Homes for Sale.
If you are applying for financial assistance from the Austin Housing Finance Corporation, you must complete a Homebuyer Education Course prior to closing.
Income Guidelines: Gross annual household income may not exceed 80% of the Median Family Income (MFI) as established by HUD for the city of Austin, adjusted for family size.
|
Family Size Maximum Family Income |
|
1 Person $39,800 |
|
2 $45,000 |
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3 $51,200 |
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4 $56,900 |
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5 $61,450 |
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6 $66,000 |
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7 $70,500 |
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8 $75,100 |
Type of Loan: Zero interest, deferred loan (second lien)
Participants: First time homebuyers who are citizens or legal residents.
Mortgage Credit Certificates (MCC) is a great tool for first-time homebuyers in Austin to reduce the cost of homeownership. An MCC offers homebuyers annual federal income tax savings of up to $2000 per year. The tax savings are used by lenders to qualify the homebuyer for a mortgage.
If you have any questions about buying, repairing, renting or building a home, please contact:
Austin Finance Corporation Main Number: (512) 974-3100 Community Lending Office Main Number: (512) 974-3863 P.O. Box 1088 Austin, TX. 78767 Web site: http://www.ci.austin.tx.us/housingHUD and job-related federal programs:
The office of Housing and Urban Development (HUD) offers special financing for first-time homebuyers that’s based on need and is designed to help low-income families buy their first home without significant down payment or closing costs. And, if you happen to buy a HUD foreclosure home a down payment may not be required. The federal government also has programs to help farmers and police personnel acquire homes with nothing down. For those with limited income who wish to live in rural areas, the Rural Economic and Community Development Administration offers farmers home loans with nothing down. Monthly payments may be subsidized and the interest can be as low as 1 percent.
For more information visit web site: www.firstgov.gov Or call (800) -FED-INFO ((800) -333-4636)
Additional Homeownership Resources:
Cen-Tex CDC (512) 472-9201 Habitat for Humanity – (512) 472-8788 Offers credit counseling, Helps you build your own home. Homebuyer’s education classes. Provide volunteer labor, donated materials Assists low-moderate income families and a small affordable loan to assist low-income Secure mortgage loan financing, may families in purchasing a home. include down payment assistance or “A Brush With Kindness” provides no-interest low interest loans. Loan up to $5000. for exterior home repairs. www.austinhabitat.orgCasa Verde Builders (512) 744-1900 Guadalupe CDC (512) 478-9949 (AmeriCorps) Offers newly constructed homes for an affordable Offers newly constructed homes for an price to low –moderate income families. affordable price to low-moderate Owner occupied home repairs. income families. (American Youth-Works) Charter School for ages 16-20 Web site: http://www.americanyouthworks.org Neighborhood Housing Services of Austin East Austin Economic Development Corp. (512) 374-1300 (512) 472-1472 Offers down payment assistance to low income Offers financial and homebuyer’s education. families for first-time homebuyers. Offers newly Offer assistance with affordable housing for constructed homes to low-moderate income seniors. families. Provide financial and new homebuyers classes. www.nhsaustin.org
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