Down Payment Assistance Program

The Travis County Housing Finance Corporation is pleased to offer the Hill Country Home Down Payment Assistance (DPA) Program! The program is designed to help homebuyers obtain FHA, VA, USDA-RD or Freddie Mac HFA Advantage loan financing to purchase a home anywhere in Travis County, including the City of Austin. A lack of funds for the down payment is often a significant obstacle to homeownership. In an effort to remove this barrier, low to moderate income homebuyers that qualify for the Hill Country Home DPA program will receive a competitive 30-year fixed rate loan, with assistance of either 4%, 5% or 6% of the initial principal balance of the loan amount to use for down payment or closing cost assistance. The assistance is in the form of a 0% interest, 10-year forgivable second mortgage loan. In each case, a program fee may be charged by the participating lender, so net down payment assistance can vary depending on qualification of the borrower and the loan type chosen. For more information on this, please contact a participating lender.

View a brochure summarizing program criteria.

Financing is available for new or existing homes, and can include single-family homes, condominiums, or townhomes. Manufactured homes are not permitted to participate in the program at this time. Unlike many other DPA programs, the Hill Country Home DPA Program is not restricted to first-time homebuyers, though buyers must occupy the home as their principal residence. The Program offers interest rates on the First Mortgage Loan that are competitive with current market rates. It is the borrower’s decision and choice to receive either the First Mortgage Loan under the Hill Country Home DPA Program with the net assistance of 4.5%, 3.5% or 2.5% in the form of a 0% interest, 10-year forgivable Second Mortgage (depending on qualifying factors), rather than to receive another 30-year fixed rate mortgage loan without DPA at a lower rate from any lender chosen by the borrower. The interest rates for the program can vary daily based on market conditions – ask your lender for the current rates.

See below for more information on eligibility criteria.

Homebuyer Eligibility

  • Buyers must have a minimum FICO credit score of 640 and maximum 45 debt-to-income (DTI) ratio.
  • Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).
  • All first-time homebuyers must attend a HUD approved homebuyer education course and obtain a certificate of completion.
  • The program is not limited to first-time homebuyers!

Program Eligibility

  • Homebuyers may purchase a home anywhere in Travis County, including in the City of Austin.
  • Buyers must occupy the home as their principal residence, and there is no requirement on how long they must live in the home.
  • The program may only be used to purchase a home (i.e., no refinancing).

Income Limits for Eligible Borrowers

  • Maximum credit qualifying income may not exceed 140% of area median income, which is $138,460 currently.

Purchase Price Limit

  • Purchase price limit is determined by the lender based on the borrower's credit, income, debt-to-income ratio and other factors.
  • The purchase price limit for the program is $364,452.

Down Payment Assistance

Should you be interested in the Hill Country Home DPA program, please contact one of our many participating lenders in the program. The lenders do all screening and will determine if you meet the criteria and qualify for the program. The list of participating lenders is below.

  1. Academy Mortgage Corporation
  2. Affiliated Bank, N.A.
  3. Ark-La-Tex Financial Services LLC dba Benchmark Mortgage
  4. BancorpSouth Bank
  5. Broker Solutions, Inc. dba New American Funding
  6. Castle & Cooke Mortgage, LLC.
  7. CMG Mortgage, Inc. dba CMG Financial
  8. Colonial Savings, F.A., dba Colonial National Mortgage
  9. Cornerstone Home Lending Inc.
  10. DHI Mortgage Company, Ltd.
  11. Eagle Home Mortgage, LLC.
  12. Eagle Home Mortgage of California
  13. Everett Financial, Inc.
  14. Evolve Bank & Trust
  15. Fairway Independent Mortgage Company
  16. Guild Mortgage Company
  17. Hamilton Group Funding, Inc.
  18. Highlands Residential Mortgage, Ltd.
  19. Hometrust Mortgage Company
  20. Interlinc Mortgage Services, LLC
  21. Mountain West Financial, Inc.
  22. M/I Financial, LLC
  23. Nations Reliable Lending, LLC
  24. NTFN, Inc. dba Premiere Nationwide Lending
  25. On Q Financial, Inc.
  26. Open Mortgage
  27. PrimeLending, A Plains Capital Company
  28. Pulte Mortgage, LLC
  29. SecurityNational Mortgage Company
  30. SFMC, LP dba Service First Mortgage Company
  31. The Federal Savings Bank
  32. Thrive Mortgage, LLC
  33. Wallick & Volk
  34. Waterstone Mortgage Corporation

Homebuyer Assistance Resources

These are organizations or programs that our department recommends for people who are in need.