Yes... depending. On what? On your income and where you want to live. Here's how it works- This money comes in the form of an interest-free loan of $8325. And, if you live in the property for 5 years, the loan is forgiven altogether! You do not have to be first time homebuyers but you will be required to take a free 8-hour homebuyer-training course. You are also required to spend $500 of your own money at closing.
The primary limitation of the program is the eligible areas. The home purchased must be in Travis County, but cannot be in the Austin city limits. That somewhat limits the inventory, but there are still lots of properties out there in eligible areas like Manor, Webberville, Pflugerville, Lago Vista, etc.
The income limits vary depending on family size. Here they are:
1 Person $39,850
2 Persons $45,500
3 Persons $51,200
4 Persons $56,900
5 Persons $61,450
You can also use this program concurrently with MCC. What a great combination!
My past experience with the folks at Travis County Housing Finance has been pretty good. They’ve always been friendly and responsive.
With the problems folks are having coming up with the cost at closing now required by FHA, this program is a godsend, especially since FHA is raising their minimum down payment to 3.5% on January 1st. I'll blog more about this increase later.
Please contact me anytime with your Real Estate questions!
Jefferson Kimbrough REALTOR
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