First-Time Homebuyer Mortgage and Down Payment Assistance Funds Available


AUSTIN, TEXAS – Travis County homebuyers can now get a 4% down payment assistance grant and 6.30% mortgage rate through a bond program issued by the Travis County Housing Finance Corporation. With a new 6.30% 30-year fixed rate mortgage, Travis County HFC has a $15.5 million single family bond program for 2007 that helps borrowers purchase their first home. Homebuyers have access to mortgage loans (FHA, VA, RHS and Fannie Mae eligible conventional) that also provide a grant for down payment and closing cost assistance equal to 4% of the original loan amount throughout Travis County including the City of Austin.

“This program provides mortgage loans at an attractive interest rate with a down payment assistance grant to families who might otherwise be unable to afford a home,” said County Judge Sam Biscoe, who also serves as President of the HFC. “For example, a first-time buyer who received a $100,000 loan would receive an additional $4,000 grant which could be used for down payment and closing costs.”

“The largest barrier to home ownership many families face is lack of a down payment,” said Harvey Davis, Manager of Travis County HFC. “We want to continue our long-standing support and encouragement of home ownership by providing a way for families to achieve and afford the American Dream of owning their own home.”

Income limitations for the program include annual family income not to exceed $71,100 for families of one-two persons and $81,765 for families of three or more. The maximum home cost under the program is $237,031 ($210,375 in the City of Austin). Eligible prospective homebuyers cannot have owned a home in the last three years, except in certain targeted areas. Higher income and purchase price limits are also available in those targeted areas. Other limitations pertain to homes purchased within the City of Austin.

In addition, Davis noted that several factors contributed to the exceptional 6.30% mortgage rate achieved with 4% down payment assistance grants. “Our finance team developed an innovative structure which resulted in a very favorable pricing of the bonds and therefore the resulting mortgage rate.”

The Travis County HFC is a non-profit governmental corporation and has provided single family bond programs since 1980. More than 1,400 Travis County families have received in excess of $230 million in mortgage loans through these programs since 1989. For more information about the Travis County HFC, call 512-854-4743.

Interested potential homebuyers may contact any of the ten participating mortgage lenders under the program:

Charter Funding, 512-904-4018; 512-904-4033
Cornerstone Mortgage, 512-314-7333
Countrywide Home Loans, 800-877-5626
DHI Mortgage, 512-533-1369
Home Loan Corporation, 512-794-8386; 512-685-6661
Wachovia, 512-634-2125, 512-634-2109, 512-634-2115
Wells Fargo, 512-330-3227, 512-275-1115

For more information about how to participate, call the Travis County Housing
Finance Corporation at (512) 854-4743.


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