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Finding affordable homes for Austin area buyersFinding affordable homes for Austin area buyershttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=79642013-03-12T08:10:00Z2013-03-12T00:00:00Z

AUSTIN - The under-$200,000 price segment is seeing a strong uptick in demand, experts say, largely because many apartment dwellers are trying to stabilize their housing costs as Austin area rents rise to record highs.

Real estate broker Robert Fields niche is using three zero-down loan programs to help eligible entry-level buyers purchase brand new single-family homes, in suburban areas, to people who didn’t think they could afford one.

The loan programs Fields uses to help his clients are through the U.S. Department of Agriculture, the Texas Department of Housing and Community Affairs and the Veterans Administration. All fund zero-down loans to eligible homebuyers meeting income and other criteria.

The USDA’s Rural Development Home Loan program makes zero-down loans available in many suburban areas to residents with low to moderate incomes and limited funds for a down payment.

D.R. Horton has about three dozen subdivisions in Central Texas, six of which are in areas that are eligible for USDA-funded mortgages, Fields said. Many home builders in the entry-level ranges will pay closing costs.

And with entry-level builders offering interest rates in the 3.5 percent range through their mortgage affiliates, “many of our buyers are able to buy zero down with payments that are below apartment rents.”

Read more about affordable homes at the Austin American-Statesman.

Austin American-Statesman
Austin-Round Rock
Housing
http://www.statesman.com/news/business/the-challenge-finding-affordable-homes-for-central/nwksx/Read more at {Source}

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