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. Here are just a few of the programs available to make sure housing stays affordable here in Austin.

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, Austinites can now take advantage of mortgage rates at historically low levels. Specifically, Freddie Mac cited 30-year fixed-rate mortgages at 4.95 percent and 15-year mortgages at 4.32 percent as of March 11, 2010. To put those rates into perceptive, mortgage rates ranged from six to eight percent in 2008 and twenty years ago were more than 18 percent!

FHA Incentives
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®
One of your most powerful tools to find an affordable home in Austin is your REALTOR®. Your Austin REALTOR® has in-depth knowledge of real estate in Austin and can help you find a home that fits your budget. In addition, they can help you find programs to make your home more affordable and negotiate on your behalf to maximize the value of your investment. In every aspect of your real estate transaction, your Austin REALTOR® is your advocate to help achieve your goals.