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Hill Country Down Payment Assistance Program

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Hill Country Down Payment Assistance Program

Developed by the Travis County Housing Finance Corporation, the Hill Country Home Down Payment Assistance (DPA) Program is designed to help homebuyers secure a government-backed FHA, VA, or USDA-RD loan for financing their purchase. This program has been designed specifically for the purpose of helping homebuyers who are interested in purchasing a home any part of Travis County, including within the City of Austin, TX. 

Down payment costs can be an intimidating barrier for many families when they consider buying a home. The prospect of being able to set aside tens of thousands of dollars in a savings account for the purposes of buying a home can cause delays of months or years for anyone thinking about buying a home, and the purpose of this program is to help families overcome this problem by finding them the support they need to move forward with their purchase.

Through this program, low to moderate-income families who are eligible can secure a 30-year fixed-rate loan in addition to a grant that can total up to 5 percent of the total loan amount that can be applied to a down payment or closing costs. This program can also be utilized together with other assistance programs such as Mortgage Credit Certificates (MCCs) to further enhance the ability of a hopeful household to secure their home.

Eligibility

Borrowers who are seeking to take advantage of this program must meet the following requirements to be considered eligible:

  • Any applicants must have a minimum credit score of 640 along with a debt-to-income (DTI) ratio that does not exceed 45.
  • To qualify, your income may not exceed 140% of the median income in the area which was $134,260 in 2019.
  • If you are a first-time homebuyer, a HUD-approved homebuyer education course must be successfully completed.
  • The purchase price of the home must be below a specified limit which will be determined by the lender through consideration of credit score, income, debt-to-income ratio, and several other factors.

Requirements for the Property

In addition to certain expectations on the part of the applicant, the property itself must meet certain requirements to be eligible for this program, including:

  • The property must be located somewhere within Travis County, TX, which includes the City of Austin.
  • The buyer must occupy the home as their principal residence, although there is no specific requirement on how long they are expected to live in the home.
  • The program can only be utilized for purchases, and not for other needs such as refinancing.
  • The program is intended for use with new or existing homes and can be used to purchase single-family homes, condominiums, or townhomes based on the needs of the buyer.
  • Manufactured homes are not eligible for participation in this program.

How to Get Started

If you’re looking at a home in Travis County, TX, but you don’t have the available savings to cover a down payment, then the good news is that you won’t have to wait years and tighten your belt to save up the funds. With the help of the Hill Country Home Down Payment Assistance program, you and your family can take advantage of existing loan programs for this area to get moved into your new home in a surprisingly short time!

The best way to find out if your eligible for this program, or get started with your application, is to reach out to our team here at TX Home Now as soon as possible. With years of experience and thanks to our professional knowledge of the home markets throughout Texas, our team is always ready to help prospective home buyers. By working with us, our team can make sure that your application is presented in the best possible way so that you can feel confident that the final outcome will be an approval.

Buying a new home can be both exciting, and overwhelming. If you’ve got your sights set on a new home in the Travis County, TX area, then you don’t have to let the challenge of having a large amount of money set aside stop you from choosing to buy a home. Instead, reach out to our team at TX Home Now right away so we can look into your situation and help you find the best possible support you can start enjoying life in a new home!

TX Home Now: Your Personal Guide to Down Payment Assistance

Think of TX Home Now as your friend on the inside of the homebuying process. We know all the programs available to Texas homebuyers, and we take the time to connect you with every program you could possibly benefit from. Don’t let an oversized down payment requirement keep you from fulfilling your dream of owning a home in Texas. Call TX Home Now and get ready to become a homeowner!

If you are currently employed, earn less than $96,000 annually, have a credit score of at least 580, and agree to attend an online home buyer education course, we want to hear from you today! Even if you don’t quite qualify, we’ll help you improve your credit score until you do. We help all Texans reach their goal of home ownership, and we’re ready to help you, too. Call us now!

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(214) 960-1021

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