Imagine a house with two, three, even four bedrooms and a yard in a neighborhood that you're proud to call your own. The dream to homeownership can be a reality through the Down Payment Assistance Program.
If you're a resident of either the Public Housing or the Housing Choice Voucher Programs and are a first time home buyer, you may qualify to receive down payment assistance.
How can I qualify?
- You must be a HACA resident.
- You must be a first time home buyer or cannot have owned a home in the last three years.
- You must be able to contribute a minimum of $2,500 toward the down payment, closing costs or reserves.
- You must qualify for a first lien mortgage and have received first mortgage financing from a private financial institution.
- You must attend and complete a HACA-approved home buyer training course.
If all of the above criteria are met, HACA's Down Payment Assistance Program will provide funding of $10,000 towards the down payment. Program funds are on a first come, first serve basis. You will not have to pay back the loan unless you default on your house payments. If you do not default on your mortgage payments, your loan is forgiven after five years!
For more information on HACA's Down Payment Assistance Program, please call Homeownership Coordinator, Suzanne Schwertner, at 512-477-4488 ext. 2118.