Hello Austinites!

Have you been pondering the idea of purchasing a home in Austin? Aside from the numerous benefits of homeownership like; tax benefits, appreciation, equity, savings, predictability, freedom, and stability. Wouldn’t it also be awesome if you did not have to come up with the required funds for a down-payment? I have observed that oftentimes buyers can get approved for a home mortgage loan, but find coming up with a large downpayment to be prohibiting.

Luckily, there can be a way around paying for a down-payment. The city of Austin has a Homebuyer Down Payment Assistance Program!

The down payment assistance program can cover:

• Down payment and closing costs, and pre-paid expenses associated with buying a home• Dollar amount is based on financial need

• Homebuyers may qualify for up to $40,000 in assistance

• Standard DPA: Up to $14,999 in a forgivable, 0% interest loan

• Shared Equity DPA: Up to $40,000 in a forgivable, 0% interest loan with shared equity

• Sales and/or appraisal price of the home cannot exceed $280,000

To be eligible you must:

• Have not owned a home in the last three years, or I have been displaced or divorced

• Buying a single-family home or condominium identifiable via the Austin Jurisdictions Web Map

• Completed HousingSmarts or other comparable homebuyer education class

• Is approved for a mortgage loan from a participating lender

• Household income is 80 percent or less than the Austin area median family income (MFI)

If the DPA Program looks like something you might qualify for, I recommend reviewing the DPA program details in-depth on the City of Austin website. If you think you might qualify after an initial review of the information, I recommend reaching out to one of the participating lenders and having them discuss your mortgage options. You should leave this meeting with a pretty good idea of how much you can borrow for a mortgage, and how much assistance you can expect.

With your buying power established, that is the ideal time to meet with a REALTOR®. It is the ideal time because the budget usually plays a large factor in deciding to purchase a home. With a budget set, we can complete a homebuyers questionnaire together too narrow down what you are looking for. Perhaps a house in the suburbs with no homeowners association? Perhaps a condo in downtown that has a high walkability rating. Perhaps a townhome that has an attached garage and a great community pool?

If you are interested in purchasing a property in the UT Campus or Austin area, please reach out. I can provide access to tools and resources to help you view data and properties for sale. Feel free to complete a Buyer’s Questionnaire and I will reach out ASAP!

Thank you for your time,

Realtor Tineo,