So you think you can't afford a home in Austin? Well, yes, things are getting pricey, but not out of reach. If you're on a tight budget and looking to buy your first home, the City of Austin wants to help! They will give you $10,000- $40,000 to help you into a place of your own.
Here are the income qualifications- (you must make under this amount)
- 1 person household - $39,850
- 2 person household - $45,500
- 3 person household - $51,200
- 4 person household - $56,900
- 5 person household - $61,450
Here are the requirements:
- First time homebuyer
- Can't have assets (savings etc) valued at over 1/2 of your income.
- Use one of the trained lenders (they have a big list)
- Get pre-qualified with one the lenders (ie. you qualify for this much house on your measly income, then add $10-$40k to that amount)
- Go to the homebuyer classes
- Homes 1978 and newer qualify for up to $40k
- Homes older than 1978 qualify for up to $10k
How it Works:
- Sign up for the class
-Meet with the lender
-Take the class
-Look for houses
-Find THE ONE
- Put in an offer
- Own a HOME!
Here's some more info! Give me a ring if you have any questions-
MONEY TO BUY A HOME
If you like lots of details- here you go!
The $10,000 is basically free moola which you will not pay back if you stay in the home for 10 years. If you move earlier- say 5 years, you owe $5,000 back to the city.
The $40,000 plan is more complicated, but still great. The city gives you a chunk of money, but if you sell or re-finance your house, they would like their moola back. Also, it's an equity share program which means that if you borrowed $40k and the house was worth $120k total, then they lent you 33% of the value of the home. Now when you sell, the house is worth $220k, so you pay the city back their $40k plus 33% of any growth in value of the home.
This is your green Realtor
Stay tuned and stay green-
Patty Sylvana
Realtor by Trade Green at Heart
Keller Williams Realty
(512) 297-5658
patty@GreenAustinProperties.com
Tuesday, April 22, 2008
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