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.
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").
For more information you can visit: http://www.ci.austin.tx.us/ahfc/first_dpa.htm
No comments:
Post a Comment