SellAustinTexas

There are currently some great federal programs for first time home buyers (defined also as those who haven’t owned a home in three years), but often less publicized are the State and even City homebuyer programs. In Austin, Texas, specialized loans and other forms of assistance are offered at both those government levels. Here is a snapshot, along with a couple helpful resources.

Texas Mortgage Credit Program

A Mortgage Credit Certificate that is a dollar-for-dollar reduction against federal tax liability. Allows you to claim a portion of mortgage interest each year; valid as long as you live in that residence. For those who qualify.

Texas First Time Homebuyer Program

Offers two types of below market loans for qualifying first time buyers, one giving the option of down payment assistance with a slightly higher interest rate. For those who qualify.

You can learn more about both these Texas programs at the Texas Dept of Housing and Community Affairs.

DPA: The Down Payment Assistance Program

Eligible for qualified first time buyers purchasing a home within Austin City Limits, DPA offers zero interest loans.

-       Standard DPA: Up to $10,000 deferred, 0% interest loan for 10 years. Additional 1,000 for those with a Texas Mortgage Credit Certificate, and additional $4,999 for those with disabilities. Loan is forgiven for those who remain in the house for 10 years.

-       New Shared Equity DPA: Up to $40,000 in deferred, 0% interest loan for 30 years.

For more details on these loans, visit the DPA website.

The Dave Murray Team can assist you in any of your questions if you’re looking to purchase your first home in the Austin area. You can begin your search and reach us for any further information at www.DMTX.com.