R.E. Source
Ok..yes it is possible to get a $0 down real estate loan in Austin, Texas. I am not going to get into all the details, because it can be complicated, not everyone is qualified for every loan, and it requires some exploration of circumstances to idenitify if this is even a good thing for a specific person in a specific situation…so here’s a quick breakdown on current home loan opportunities that require little to nothing down:
Owner Occupant:
VA – $0 down to qualified veterans with loans up to $417,000.
State of Texas Bond 177 Down Payment Assistance – Up to 4% toward down payment or closing cost for 1st time homebuyers. There are no payments, but if you sell within 10 years you must pay this money back. Many parameters, income limitations, etc.
City of Austin Down Payment Assistance – Up to $10,000 (plus another $1,000 with MCC) of down payment and closing cost assistance (within the city limits of Austin only) for 1st time homebuyers. I understand there are no payments, but if you sell within 10 years you must pay this money back. Many parameters, income limitations, etc. Although this program may be a good one, it can be a real test.
Rural Development – $0 Down in specific locations. Some limitations.
Investor Loan Opportunities:
VA Foreclosure Financing (you do not need to be a vet) – 5% Down
FNMA Foreclosure (Homepath) – 10% Down
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[…] Austin continues to fair well in regard to median/average price but the volume decline is similar to that of the rest of the state. The inventory exceeds 6 months, and that does indicate that it’s on the whole a buyers market. […]