Down Payment Help in Austin: Where to Look

Saving for a down payment is often the hardest part of buying a first home. There are programs that can help, depending on your income, the price of the home, and where you buy.

State programs

Texas has statewide homebuyer programs through agencies like the Texas Department of Housing and Community Affairs and the Texas State Affordable Housing Corporation. They offer options like down payment assistance and mortgage credit certificates for qualifying buyers. Each has income and price limits.

City of Austin

The City of Austin has offered down payment assistance for qualifying buyers purchasing within city limits. Program details, funding, and eligibility change, so check the city's housing department for current information.

Lender and employer programs

Some lenders have their own grants or special loan programs. Some employers offer homebuying benefits. It is always worth asking.

Low down payment loans

• Conventional loans that allow 3% down for qualifying buyers
• FHA loans with 3.5% down
• VA loans for eligible veterans and service members, often with no down payment
• USDA loans for eligible properties in qualifying areas

Things to know

• Assistance programs usually require a homebuyer education course
• Some assistance is a loan that is forgiven over time, and some must be repaid when you sell or refinance
• Not every lender works with every program, so find one who does

Where to start

Ask your lender which programs they participate in and which you might qualify for. Then we can search for homes that fit the program's price limits. If you want a lender recommendation who knows these programs well, reach out.