Austin Homebuyer Incentives

Leverage these Programs to Secure Your Dream Home

Austin’s real estate market is more accessible than ever, thanks to several incentives and programs designed to help homebuyers. Whether you’re a first-time homebuyer or an experienced investor, various new incentives are available to help you secure your dream home in Austin. Let’s take a look at some of these:

Homes for Texas Heroes

The Homes for Texas Heroes Program offered by the Texas State Affordable Housing Corporation (TSAHC) is assisting our everyday heroes by making homeownership more affordable for those who serve our community. This program offers a range of benefits, including fixed-rate home loans and down payment assistance grants, to teachers, firefighters, EMS personnel, police, correctional officers, and veterans. 

Buy-Before-You-Sell Homebuyer Program

Juggling between buying a new home and selling your old one can be daunting. The lending team at LoanPeople is offering the Buy-Before-You-Sell Homebuyer Program, powered by UpEquity, to simplify the homebuying process. The program allows homeowners to purchase a new home before selling the existing one. Homeowners can unlock the equity in their current home to make a new down payment and avoid carrying the cost of managing two home loans simultaneously.

Conventional Loan Limits Increase

The Federal Housing Finance Agency (FHFA) is expected to increase the maximum conforming loan limits for mortgages from $726,000 to $750,000. In anticipation of this change, many leading lenders have already announced plans to raise limits to match the new limit. This is great news for homebuyers in Austin as it enables them to get larger mortgages without entering the jumbo (non-conforming) financing category and makes a broader range of houses accessible for prospective homeowners.

Downpayment Reduction for Multi-Unit Properties

Starting November 18th, Fannie Mae is reducing the down payment requirement for 2-4 unit properties used as primary residences and for purchase and limited cash-out transactions. Previously, a down payment of 25% was required for three to four-unit properties and 15% for two-unit properties. With the new policy, a down payment of just 5% will be necessary for these properties. This is great news for those looking to invest in Austin’s real estate market.

Interest Rate Buydowns

Austin-area builders are offering incentives to attract homebuyers. These incentives often involve the builder paying points to a lender to buy down the interest rate on a homebuyer’s mortgage, making the monthly payments more affordable. Homebuyers enjoy reduced mortgage payments, and builders can sell their properties more quickly.

These are just a few incentives available to prospective homebuyers in Austin. Each program has unique benefits and eligibility requirements. I am happy to help you determine which best fits your needs. Homeownership is a significant step, but with these incentives, your dream home in Austin is within reach. Happy house hunting!