Down Payment Assistance Programs
Down Payment Assistance for Austin Residents
DPA Programs provide a certain amount of monetary assistance for qualified homebuyers. New American Funding is an approved lender for the following DPA Programs in the Austin area:
The Texas Department of Housing and Community Affairs offers a variety of programs to aid first time homebuyers in the Austin area. Some include:
- MCC – The Mortgage Credit Certificate Program is intended to make buying a home a more affordable process for first time homebuyers and low income families. Certificate allows borrowers to claim tax credit for a part of their mortgage interest. Income and residency requirements apply.
- Texas HAP – The Texas HOMEbuyer Assistance Program can provide eligible borrowers up to $20,000 for down payment assistance and closing costs.
Programs from The Austin Housing Finance Corporation provide Austin residents who are purchasing their first home with a zero interest loan to assist with funding. Pre-paid costs, down payment and eligible closing expenses are covered by DPA funds.
- Standard DPA – Eligible borrowers can receive up to $10,000 in a deferred, forgivable, 0% interest loan for 10 years.
- Shared Equity DPA – Eligible borrowers can receive Up to $40,000 in a deferred, 0%-interest loan for 30 years.
The Austin Area Urban League program assists low to moderate income families in obtaining homeownership. Eligible borrowers will receive a $1,000 grant to aid them with closing costs and their down payment. Income and residency requirements apply. Contact New American Funding today for assistance with AAUL. Click here to visit the AAUL website.
Contact a New American Funding Loan Officer for further information if you have any questions concerning your loan process. To reach New American Funding Austin-Round Rock, use the contact form on this page.