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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 or USDA-RD 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 30-year fixed rate loan, with a non-repayable grant of a total of 4% or 5% of the loan amount to use for down payment or closing cost assistance. Each qualified homebuyer family will receive a gross 4%, 5% or 6% non-repayable grant for down payment assistance and closing costs based on the initial principal balance of the mortgage loan. In each case , a portion is charged by the participating lender, so net down payment assistance ranges from 2.5% to 4.5% depending on qualification. For more information on this, please contact a participating lender.

Click here for 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. 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 an interest rate on the First Mortgage Loan that is slightly above market rate, so it is the borrower’s decision and choice to receive the First Mortgage Loan under the Hill Country Home DPA Program with the net 3.5% DPA grant, or 2.5% DPA grant depending on qualifying factors, rather than to receive another 30-year fixed rate mortgage loan without DPA at a lower rate from its lender or from another lender. The interest rate for the program varies daily based on market conditions – ask your lender for the current rate. For a HUD approved disclosure on the program, please click here.

Please click on the arrows 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.

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 for 2017 is $113,960.

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 $332,470.

Down Payment Assistance

  • Per FHA guidelines, all homebuyers qualifying for down payment assistance with credit score of 660 or higher will receive 4% of the original loan amount to be used for down payment and closing costs, which includes lender compensation of a 1.5% origination fee.
  • Per FHA guidelines, all homebuyers qualifying for down payment assistance with credit score ranging between 640 and 659 will receive 5% of the original loan amount to be used for down payment and closing costs, which includes lender compensation of a 1.5% origination fee.
  • The origination fee can be paid by the borrower or the seller.
  • This assistance is a gift/grant and does not require repayment at any time.

To Participate In The Program

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.

List of Participating Lenders

  1. Eagle Home Mortgage, LLC (formerly UAMC)
  2. Cornerstone Home Lending
  3. Capstar Lending, LLC
  4. Sente Mortgage, Inc.
  5. Highlands Residential Mortgage, Ltd.
  6. AmeriPro Funding
  7. DHI Mortgage Company, Ltd.
  8. Academy Mortgage Corporation
  9. WR Starkey Mortgage, LLP
  10. Mission Mortgage of Texas
  11. Willow Bend Mortgage
  12. Georgetown Mortgage
  13. Security National Mortgage Company
  14. Service First Mortgage (SFMC)
  15. NTFN, Inc. d/b/a Premiere Nationwide Lending
  16. Pulte Mortgage, LLC
  17. Nations Reliable Lending, LLC
  18. Evolve Bank & Trust
  19. Ark-La-Tex Financial Services LLC dba Benchmark Mortgage
  20. PrimeLending, a Plains Capital Company
  21. Colonial Savings, F.A., dba Colonial National Mortgage
  22. Northstar Bank of Texas
  23. LoanDepot.com LLC, dba imortgage
  24. Everett Financial, Inc. dba Supreme Lending
  25. Castle & Cooke Mortgage, LLC
  26. Affiliated Bank Mortgage
  27. Republic State Mortgage Co.
  28. Gateway Mortgage Group, LLC
  29. Open Mortgage, LLC
  30. American Financial Network, Inc.
  31. First Continental Mortgage, Ltd.
  32. Wells Fargo
  33. Wallick & Volk
  34. Mortgage Financial Services
  35. American Southwest Mortgage Corporation
  36. Gardner Financial Services, Ltd
  37. Fairway Independent Mortgage Company
  38. The Federal Savings Bank
  39. Legacy Mortgage, LLC
  40. Great Plains National Bank
  41. Interlinc Mortgage Services, LLC
  42. Cross Country Mortgage, Inc.
  43. On Q Financial, Inc.
  44. Guild Mortgage Company
  45. SWBC Mortgage Corporation
  46. CLM Mortgage, LLC
  47. Pacific Union Financial, LLC
  48. Waterstone Mortgage Corporation

How Do You Become a Participating Lender in the Program?

Lender Qualifications

In order to become a participating lender in the Hill Country Home DPA program, a lender must be a mortgage banker and become an approved lender with master servicer, US Bank Home Mortgage. In addition, lenders must be an FHA, VA, and USDA-RD approved mortgagee. Please note, manually underwritten loans are not accepted for this program.

If you meet these qualifications and would like to become a participating lender, please execute and return the Lender Agreement and the US Bank Lender Contact Information Sheet found below. Please return the requested items to Jennifer Payne at Raymond James, Two Buckhead Plaza, Suite 702, 3050 Peachtree Road, N.W., Atlanta, GA 30305, or via email at jennifer.payne@raymondjames.com.

Homebuyer Assistance Resources

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

Travis County Corporations

700 Lavaca Street, Suite 1560 Austin, Texas 78701
(Map)

Phone: (512) 854-9116
Fax: (512) 854-4210

Staff
Board of Directors
Issuer Counsel