The Down Payment Assistance Program (DPA) covers the down payment in a deferred 0% interest loan for eligible "first-time homebuyers" to assist with purchasing a home located within the Austin City Limits.
What does DPA cover?
Down payment and closing cost, and pre-paid expenses associated with buying a home
Dollar amount is based on financial need
Homebuyers may qualify for up to $40,000 in assistance
Standard DPA: Up to $14,999 in a forgivable, 0% interest loan
Shared Equity DPA: Up to $40,000 in a forgivable, 0% interest loan with shared equity
Sales and/or appraisal prcie of the home cannot exceed $243,000
Am I eligible?
I have not owned a home in the last three years, have been displaced, am divorced
Information for Lenders: To be approved to submit DPA applications on behalf of borrowers, individual loan officers must attend DPA training. The DPA Program does not currently have Lender Training scheduled. DPA Lender Training can be provided to groups of five or more at your request.