Home Sweet Home: Travis County’s Hill Country Home Down Payment Support
To facilitate access to government-backed FHA, VA, or USDA-RD loans for potential homebuyers, the Travis County Housing Finance Corporation has launched the Hill Country Home Down Payment Assistance (DPA) Program. This initiative aims to assist homebuyers in Travis County, including the City of Austin, in overcoming the financial hurdle of down payment costs, making the dream of homeownership a reality.
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Unlocking Homeownership With the Hill Country Home Down Payment Assistance (DPA) Program, eligible applicants can access a competitive, 30-year fixed-rate loan that offers the assistance of either 4%, 5%, or 6% of the initial principal balance of the loan amount. This financial support can be used for down payment or closing cost assistance. Importantly, this assistance takes the form of a 0% interest, 10-year forgivable second mortgage loan.
Eligibility Criteria To qualify for the program, applicants must meet specific requirements, including:
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- A minimum FICO credit score of 640.
- A maximum 45% debt-to-income (DTI) ratio.
- Compliance with standard loan guidelines, which include having sufficient income, a satisfactory credit history, and meeting down payment requirements.
- Mandatory attendance at a HUD-approved homebuyer education course, leading to the acquisition of a certificate of completion.
- A maximum credit qualifying income not exceeding 140% of the area median income, which currently stands at $138,460.
Property Considerations The Hill Country Home Down Payment Assistance (DPA) Program can only be used for the purchase of a home, not for refinancing. The property must be located anywhere within Travis County, including within the City of Austin. Additionally, homebuyers must intend to occupy the purchased home as their primary residence, with no specific minimum residency period required.
The purchase price limit is determined by the lender based on various factors, including the borrower’s creditworthiness, income, debt-to-income ratio, and other relevant considerations. Currently, the purchase price limit for this program is set at $364,452.
