The DPA Program options are as follows:
- Standard DPA: Up to $10,000 in a deferred, forgivable, 0% interest loan for 10 years. Up to $1,000 additional for borrowers in a Mortgage Credit Certificate Program, and up to $4,999 for people with disabilities. The loan is forgiven if the borrower remains in the home ten (10) years without transferring title. Otherwise the loan is due and payable if the borrower sells, leases, transfers title, refinances, gets a home equity loan, or pays off the first lien within ten (10) years.
- Shared Equity DPA: Up to $40,000 in a deferred,0%-interest loan for 30 years. Borrowers must pay back the DPA loan plus a percentage of their equity (that is the same percentage as AHFC's contribution) when the borrower sells, leases, refinances, gets a home equity loan, pays off the first lien, or otherwise transfers title within 30 years. When selling the home, the borrower agrees to give AHFC the chance to purchase the house at market rate ("right of first refusal").
DPA funds cover the down payment and eligible closing costs and pre-paid expenses associated with buying a home. View the DPA brochure in English or view en español. View a brochure of all Housing & Financial Empowerment programs.
APPLYING: Only trained loan officers listed on the DPA Participating Lenders list may submit DPA applications for borrowers.
Information for Lenders: To be approved to submit DPA applications on behalf of borrowers, individual loan officers must attend DPA training. There is no training scheduled at this time. For more information, contact Sheri Munguia at sheri.munguia@austintexas.gov.
Information for Real Estate Agents: To learn more about DPA program processes and to better identify eligible homebuyers, please attend the next DPA Real Estate Agent Information Session. There are no sessions scheduled at this time. For more information, contact Sheri Munguia at sheri.munguia@austintexas.gov.
