Affordable Housing in Austin
One of the great things about living in Texas is affordable housing. We put our "wide open spaces" to good use and work hard to make sure our residents can achieve the dream of homeownership at a reasonable price. Read below to learn about ways you can find affordable housing in Central Texas.
Safe, Affordable Mortgages
We’ve been fortunate in Texas to be insulated from the worst of the mortgage meltdown. Many attribute that to Texas’ home equity lending law, which is one of the strictest in the country and for which Texas REALTORS® advocated to protect homeowners’ most valuable asset. In addition, Central Texans can now take advantage of mortgage rates at historically low levels. Specifically, Freddie Mac reported that 30-year fixed-rate mortgages averaged 3.40 percent and 15-year mortgages averaged 2.73 percent for the week ending September 27, 2012. These new all-time record lows help keep home buyer affordability high and refinancing strong.
The Federal Housing Administration (FHA) was created in the 1930s during the worst economic crisis in American history to help finance homes for returning veterans and their families. Today, the FHA (now part of the U.S. Department of Housing & Urban Development, or HUD) continues to lower the obstacles to homeownership for Americans of all types. They do this by insuring mortgage loans offered through HUD-approved lenders. That means FHA loans can entail lower down-payment requirements, more competitive interest rates and flexible credit qualifications. These features often make FHA loans ideal for first-time homebuyers or those with moderate or low incomes. FHA also offers additional incentives for particular categories of homebuyers, such as disaster victims, teachers, police officers, firefighters and others. Ask your Austin REALTOR® if an FHA loan could be right for you or read more.
Your Austin REALTOR®
The most powerful tool to help you find affordable housing in Austin is your local REALTOR®. Not only do REALTORS® work tirelessly to advocate for policies that make the dream of homeownership more attainable, but they also have in-depth expertise of real estate in Austin and can help you find the perfect home for a price that works. Some REALTORS® have even taken additional education measures to become certified as a Texas Affordable Housing Specialist. You can find a REALTOR® on AustinHomeSearch.com to start paving the way to your affordable home today.
More Affordable Housing Resources Available to You
It is possible to purchase a home without a sizeable down payment. These additional resources can help make your homeownership dream an affordable reality.
- The City of Austin’s Homebuyer Assistance Web Page
- Down Payment Assistance Program
- Texas State Affordable Housing Corporation
- Texas Home Programs
- Texas Department of Housing and Community Affairs
- Texas Association of Local Housing Finance Agencies
- Down Payment Resource (DPR): Early next year, consumers will be able to determine which homebuyer assistance programs they may be eligible for through DPR by visiting REALTOR® websites or Austinhomesearch.com. Stay tuned for more details in the coming year.