Great program for 1st time homebuyers in Austin City Limits

First-Time Homebuyer Resources
Down Payment Assistance Program
City of Austin, TX
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.

DPA funds cover the down payment and eligible closing costs and pre-paid expenses associated with buying a home. View the DPA brochure in English or view en español.
The DPA Program options are as follows:

•Standard DPA: Up to $10,000 in a deferred, forgivable, 0% interest loan for 10 years. Up to $1,000 additional for borrowers in a Mortgage Credit Certificate Program, and up to $4,999 for people with disabilities. The loan is forgiven if the borrower remains in the home ten (10) years without transferring title. Otherwise the loan is due and payable if the borrower sells, leases, transfers title, refinances, gets a home equity loan, or pays off the first lien within ten (10) years.
•(NEW) Shared Equity DPA: Up to $40,000 in a deferred,0%-interest loan for 30 years. Borrowers must pay back the DPA loan plus a percentage of their equity (that is the same percentage as AHFC's contribution) when the borrower sells, leases, refinances, gets a home equity loan, pays off the first lien, or otherwise transfers title within 30 years. When selling the home, the borrower agrees to give AHFC the chance to purchase the house at market rate ("right of first refusal").
Eligibility: The DPA Program serves first-time homebuyers who are citizens or legal permanent residents, and whose entire household earns no more than 80% of the Austin Median Family Income established by the federal government. See the table below for income limits by household size. More details on eligibility are in the first pages of the DPA application. All borrowers must also complete the Housing Smarts homebuyer education classes before their lender submits the DPA application. View more information on the Housing Smarts Program.

80% of the Median Family Income by Household Size for Austin Effective May, 2010

Size
80%MFI

1
$41,350

2
$47,250

3
$53,150

4
$59,050

5
$63,800

6
$68,500

7
$73,250

8
$77,950


APPLYING: Only trained loan officers like Scott R. Butcher with Maker Capital Group, LLC, an Austin based Mortgage Lender is listed on the DPA Participating Lenders list may submit DPA applications for borrowers.

•View the "Frequently Asked Questions"
•View the instructions to check properties in Austin City Limits
•View list of "Participating Lenders".(Your "Participating Lender" will help you complete your DPA application.)
•View "DPA Application"
•View list of trained Real Estate Agents
•View the Housing Smarts Program
Information for Real Estate Agents: To learn more about DPA program processes and to better identify eligible homebuyers, please attend the next DPA Real Estate Agent Information Session. View the Registration Form and Schedule for the next available DPA Real Estate Agent Training.

If your a First Time Homebuyer and are interested in learning more about the City of Austin DPA program, please contact Scott Butcher with Maker Capital Group, LLC directly at 512-796-7738 or via email at scott@makercapitalaustin.com or you can pre-qualify now at http://sbutcher.ameriprofunding.com.