Buy a Home versus Renting a Home in Austin, Texas

So you have been renting a home in Austin for a while. Are you wondering if it might not be better to buy a home in the Austin area instead, particularly with interest rates so low?

Did you know that the Texas State Affordable Housing Corporation (TSAHC) offers grants of up to 5% for downpayment & closing cost assistance for first time buyers who qualify?

Did you know that USDA offers 100% loans for financing a home?

Did you know that we have programs for Military, Retired Military, Educators, First Responders and Healthcare workers for CASH BACK BONUSES when buying or selling a home?

Did you know that if you are currently paying $1200/month for rent, you could potentially purchase a home worth $150,000 with 3.5% down ($5,600 - FHA loan) and that your monthly payment including your monthly principal & interest (at 4%) & PMI($80/mo est)(Private Mortgage Insurance) plus your taxes (assumes 2.5% rate) and insurance (estimated at $1200) could be only $1183.56/mo.

That is less than you are paying for rent and does not include any tax savings that you can receive from your Federal Income Taxes.

$150,000 House
2.5% Tax Rate
4% Mortgage Interest Rate
$1200/mo insurance (estimated)
$80/mo PMI (estimated)

= $1183.56/month (estimated)

Qualifications for TSAHC Programs

• A Professional Educator: Defined as a full time Classroom Teacher, Teacher Aide, School Librarian, School Nurse or School Counselor employed by a public school district in the state of Texas; or a full time faculty member * of either an undergraduate or graduate professional nursing or allied health program in the State of Texas; or
• A Texas Hero: Defined as a full time, paid Firefighter, Emergency Medical Services Personnel, Peace Officer, Corrections Officer, Juvenile Corrections Officer, County Jailer, or a Public Security Officer working in the State of Texas (click here for detailed Texas Hero definitions), or
• An individual at or below 80% of the Area Median Family Income (AMFI) - In the Austin-Round Rock MSA, counties of Bastrop, Caldwell, Hays, Travis, & Williamson.

Income Limits for a Income Limits for a Purchase Price Limits
Home Sweet Texas Professional Educator or for any Borrower*
Borrower** Texas Hero Borrower** (non-targeted areas)
Family
Size Any Size Family 1-2 3-4

$60,720 $75,900 $87,285 $263,164

*Purchase Price Limits effective May 15, 2011.
**Income Limits effective December 1, 2011.

Information is estimated and will vary based upon your loan and the home you choose.

If you are renting a home or apartment in Austin, contact us for more information. We work with Lenders who are familiar with this program and can help get you pre-qualified. First Time Home Buyers, ask for our FREE First Time Home Buyer Guide.

We are Texas Affordable Home Certified Specialists.