Travis County HFC Hill Country Home
WHAT DOES THIS PROGRAM ENTAIL?
The Hill Country Home Down Payment Assistance (DPA) program is designed to help low- and moderate-income homebuyers purchase newly constructed or existing homes by providing a competitive mortgage loan interest rate with a non-repayable grant to assist with down payment and closing costs.
The program is provided by the Travis County Housing Finance Corporation (HFC) and offers grants to up to 6% of the initial principal balance of the mortgage loan. These loans are either FHA-insured, VA-guaranteed, or USDA-RD 30-year fixed rate mortgages. The program mortgage rate is slightly above the market rate, and changes periodically to keep up with the competitive market.
HOW DO I KNOW IF I'M ELIGIBLE TO APPLY?
To be eligible for this program, homebuyers must:
-Purchase a home in Travis County limits
-Have a minimum 640 FICO credit score and a maximum debt-to-income ratio of 45%
-Take a homebuyer education course through an HUD-approved housing counseling agency and obtain a certificate of completion
-Earn an income of up to a maximum $108,920 (There's no maximum home purchase price limit!)
OTHER ELIGIBILITY RULES
-Buyers must occupy the home as their principal residence within 60 days of closing
-The program may only be used to purchase a home (i.e. no refinancing)
-Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, down payment requirement)
-The program may be used in conjunction with other assistance programs, including Mortgage Credit Certificates
PROGRAM MORTGAGES CAN BE MADE FOR THE FOLLOWING TYPES OF RESIDENCES:
-New or existing single-family homes
-One to four units
-Planned Unit Developments (PUDS)
Participating lenders will provide specific APR information, as required by law.
If you have questions about this program or want to learn more about applying, just email John or give him a call at (512) 524-8310!