Devora Realty Will Show You How to Make 78704 Homeownership the Ultimate Swipe Right with Little to No Money Down!
The dream of owning a home in Austin, Texas, is alive and well, especially in iconic neighborhoods like 78704. However, for Millennials and Gen Z buyers, making the leap from renter to homeowner feels more out of reach than ever. Despite earning more than previous generations, today’s young professionals are often held back by skyrocketing living expenses, inflation, and the daunting challenge of coming up with a hefty down payment.
But what if we told you there’s a way to buy a new construction condo or home in Austin for little to no money down, no mortgage insurance, and competitive fixed interest rates in the high 5% to low 6% range?
Yes, this is real and it’s all thanks to innovative financing programs like the Right@Home loan and Cadence Plus program. At Devora Realty, we specialize in helping buyers and sellers navigate the challenges of today’s real estate market, connecting them with real estate agent solutions to achieve their dreams.
The Challenges Austin Buyers Face
- Buying a home in Austin has never been easy, but today’s market is especially tough:
- Down Payments: The National Association of Realtors (NAR) reports that the typical down payment for first-time buyers has risen to 9%, the highest since 1997. Competing with cash-heavy investors or repeat buyers only makes the process harder.
- Interest Rates: While rates are higher than the record lows of the past decade, they remain manageable, if you know where to look.
- Affordability: Iconic neighborhoods like 78704, home to thriving districts such as SOCO (South Congress), SOFI (South First), and SOLA (South Lamar), remain aspirational for many but feel financially out of reach.
These hurdles leave many renters feeling stuck—but that’s where creative financing options come in.
Introducing the Right@Home Loan Program
*terms and conditions apply
The Right@Home Loan Program is a portfolio program designed for buyers who want to break into the housing market with fewer barriers. Backed by the Community Reinvestment Act (CRA), this program incentivizes banks to invest in underserved areas, offering buyers competitive rates and flexible terms.
How It Works
- No Down Payment Required: Up to 100% financing is available for homes priced up to $766,550 in Austin, Dallas, and Houston MSAs.
- Fixed Rates: Current rates stand at 6.125% for single-family homes and 6.375% for condos—lower than many conventional loans.
- No Mortgage Insurance: Saving you thousands over the life of your loan.
- Flexible Qualifications: A 640 mid-credit score gets you started, with better terms available for higher scores. Buyers must owner-occupy the home and cannot currently own another property (recent sellers qualify).
What is a Cadence Plus Loan?
Cadence Plus: Practically Free Money For buyers earning less than $100,800 annually, the Cadence Plus loan program offers up to $10,000 in down payment or closing cost assistance.
This comes as a soft second mortgage a type of loan where repayment is not required unless you sell or refinance within five years. Better yet, 20% of this loan is forgiven annually, making it completely free after five years.
Why Work with Devora Realty
The Austin real estate market is competitive, but that doesn’t mean you have to give up on your dreams. At Devora Realty, we know the ins and outs and have an incredible network of real estate industry professionals who can help you achieve your real estate goals in Austin and San Antonio.
Whether you’re buying or selling, creative financing is the key to success. When it comes to 78704, we’ve helped countless buyers unlock the door to this vibrant area. With restaurants, bars, and shopping at your doorstep, it’s not just about owning a home, it’s about investing in an iconic Austin lifestyle. Credit is not just about owning a home, it’s about investing in an iconic Austin lifestyle.
What’s Next?
- Explore Your Options: Whether you’re targeting a property in a Low-to-Moderate Income (LMI) or Minority Majority (MM) census tract, there are no income limits for LMI areas and generous limits for MM tracts (up to $252,000 in the Austin MSA).
- Connect with Local Experts: We’ll introduce you to experienced mortgage bankers who understand these programs and can guide you every step of the way.
- Take the Leap: With as low as a $500 minimum investment, owning your dream home is closer than you think.
A Competitive Edge for Sellers
Sellers take note: offering buyers access to these financing options can make your property more attractive in today’s market. With fewer hurdles for buyers, you’ll sell faster and at a better price.
Ready to make the leap from renting to owning, or sell your Austin property with an edge? Let Devora Realty help you find the perfect home, the perfect buyer, and the perfect deal. Contact us today to learn more about these exciting opportunities. Your dream of owning a home in Austin is within reach. Let’s make it happen together. For more information on zero down payment financing options and properties that could potentially qualify fill out the form below.