Looking to buy a duplex in Austin, Texas but struggling to come up with a down payment? If you’re a first-time homebuyer with a low income, you may be eligible for down payment assistance. However, before you can qualify for this assistance, you’ll need to complete some homebuyer education classes to help you understand the process.
So, what exactly does the Down Payment Assistance Program cover? It can help cover your down payment, closing costs, and even pre-paid expenses associated with buying a home. If you qualify, you could receive up to $40,000 in assistance, but keep in mind that the sales price of the home cannot exceed $615,074.
To be eligible for the program, you must be a first-time homebuyer who has not owned a home in the last three years. Additionally, you must be buying a single-family home or condominium within Austin’s city limits and have a low income, as defined as at or below 80% Median Family Income (MFI). Check the table below to see if your income qualifies:
1 person – Maximum income: $61,800
2 people – Maximum income: $70,600
3 people – Maximum income: $79,450
4 people – Maximum income: $88,250
5 people – Maximum income: $95,350
Before applying for the program, make sure the property you want to buy is within Austin City Limits by checking the map on the City of Austin Jurisdictions website. You will also need to complete a Home Buyer Education Course and obtain an official Certificate of Completion.
Don’t let a lack of funds keep you from achieving your dream of homeownership in Austin. With the Down Payment Assistance Program, you could receive the financial help you need to make it happen.