Hill Country Home Down Payment Assistance
Best For: First Time Homebuyers, Zero Down
Up to 6% down payment and closing cost assistance for Texas homebuyers with no first time homebuyer requirement.
This loan program is not available in USA
Program Description
The Hill Country Home Down Payment Assistance Program offers up to 6% in down payment and closing cost assistance for Travis County, TX homebuyers (repeat or first time) in the form a 10-year forgivable second mortgage. The Travis County HFC (Housing Finance Corporation) offers competitive interest rates on a 30-year fixed rate home loans (FHA, Conventional, USDA, & VA) that can be paired with this program.
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Hill Country Home Down Payment Assistance
Min. Credit Score
640
Min. Down Payment
0%
Max Loan Amount
$472,030
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Program Benefits
Benefit type: Up to 6.00% of 1st Loan Amount
Type: Bond Program - Forgivable
Either a 4%, 5% or 6% of down payment and closing cost assistance amount, based on the initial principal balance of the mortgage loan. The assistance comes in the form of a 0% interest, 10-year forgivable second mortgage.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
Pros & Cons
- Flexible qualification guidelines
- Can be combined with 4%, 5% or 6% in down payment assistance
- Also available for manufactured homes
- Allows up to 50% DTI (Debt-to-Income)
- Only available in Travis County, TX
- Not available for second homes or investment properties
- Income limits apply
- Purchase price limits apply
Program Availability
Hill Country Home Down Payment Assistances are available in 1 state.
*Limited Availability: Eligible properties may be located anywhere within Travis County, including the City of Austin. Properties that are in the City of Austin but in Williamson County are not eligible.
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An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“If you're ready to buy a home in Austin, TX but need assistance offsetting costs, programs such as "Hill Country Home" can provide down payment and closing funds."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
$364,452
Income Limit
$138,460
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Up to 6% of your loan amount for down payment and closing cost assistance
- Debt-to-Income (DTI) ratios up to 50% with credit scores above 680
- Credit scores as low as 640 allowed
Additional Conditions
- Homebuyers may purchase a home anywhere in Travis County, including in the City of Austin
- Also allows for multifamily properties between 1 and 4 units
- New construction properties are also eligible
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class may be required for this loan program.
Class Name: MGIC Online Homebuyer Education or Other
First-time homebuyers are required to complete a HUD-approved education course or the online MGIC course. The education course can be obtained from any HUD-approved provider, and some of them provide an online course via eHomeAmerica.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: Hill Country Home Program Fees
Fees include US Bank 1st Mortgage Funding Fee & Tax Service Fee, and the eHousingPlus Compliance/Admin Fee. Fees subject to change at any time.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5% 0.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Portland Down Payment Assistance Loan (DPAL)
Best For: First Time Homebuyers, Zero Down
Portland, OR first time homebuyers can receive up to $100,000 in forgivable down payment assistance for properties located within the city limits.
San Antonio HIP 120 New Construction
Best For: First Time Homebuyers, Zero Down
San Antonio new construction first time homebuyers can receive up to $15,000 in down payment and closing cost assistance within the city limits.
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
2023 Down Payment Assistance Guide
Unless you're related to a dragon or leprechaun with a hoard of gold stashed away somewhere, chances are you are like one of the other 87% of homebuyers who need to finance their home purchase.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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