AUSTIN HOUSING FINANCE CORPORATION DPA (AHFC)

Austin Housing Finance Corporation (AHFC) DPA Programs

Down Payment Assistance

 

Austin Housing Finance Corporation DPA

Location Served: Austin, TX

Provider: Austin Housing Finance Corporation

Approved Lender: PrimeLending

Website

 

The Austin Housing Finance Corporation’s Down Payment Assistance Programs provide zero interest home loans to qualified, first-time homebuyers looking to purchase a home in the Austin area. The down payment assistance funding is intended to cover the borrower’s down payment, closing costs and pre-paid expenses associated with purchasing a home.
 
 
The down payment assistance programs offered by AHFC are:
 

Standard DPA

 

Eligible borrowers may receive up to $10,000 through a deferred, forgivable, 0% interest for up to 10 years loan. Borrowers who are a part of the Mortgage Credit Certificate Program (MCC) could be eligible to receive up to an additional $1,000. Homebuyers with disabilities may receive up to an additional $4,999. As long as the qualified borrower lives in the home for at least ten years without transferring the title, the loan is forgiven. However, if the borrower chooses to sell, lease, transfer title, refinance, get a home equity loan or pay off the first lien within ten years, the loan is due and payable.
 

Shared Equity DPA

 

Eligible borrowers may receive up to $40,000 through a deferred, 0% interest for up to 30 years loan. If the borrower chooses to sell, lease, refinance, get a home equity loan, pay off the first lien, or transfer title within 30 years, the borrower will have to pay back the DPA loan plus a percentage of their equity (the same percentage as the AHFC’s contribution). Under the Shared Equity DPA Program, when the borrower sells the home, he/she is agreeing to give the AHFC the opportunity to purchase the house at market rate (“right of first refusal”).
 
If you have any additional questions regarding home mortgages, please contact a mortgage expert by filling out the form on the right or calling (888) 324-9070. You can also email MDM@PrimeLending.com.