Buying Power Program

Buying Power Program is a grant for homebuyers in Grand Prairie, Texas. Grand Prairie Buying Power Program FTHB grant up to $7,500 forgivable over 5 years; 80% AMI DFW; max purchase $300K. City of Grand Prairie's Buying Power Program provides up to $7,500 as a forgivable grant (deferred forgivable second mortgage that fully forgives over 5 years) for FTHBs within Grand Prairie city limits. Maximum purchase price $300,000. Funding comes from Local, CDBG, and HOME.

Buying Power Program is structured as a grant, so it is not repaid. Repayment is triggered by Forgivable grant - 20% per year over 5 years. Pro-rata recapture during forgiveness term. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Buying Power Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: FTHB waived for displaced homemakers. On credit, the program states: 620 minimum FICO. A homebuyer education course is required, through HUD-approved 8-hour homebuyer education required. Residency requirement: Property within Grand Prairie city limits (which spans both Dallas and Tarrant counties). Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien. FTHB required. Property within Grand Prairie city limits. Income <=80% AMI Dallas-Fort Worth-Arlington MSA ($53,600-$108,900 by HH size). Maximum purchase $300,000. 620 FICO. HUD-approved 8-hour education. $500 borrower investment. Owner-occupancy required. HQS inspection.

Buying Power Program limits household income to 80% of the area median income, which varies by county and household size. <=80% AMI Dallas-Fort Worth-Arlington MSA: $53,600 (1-person) to $108,900 (8-person) HH size. The limit applies to total household income, not only the borrower&rsquo;s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Buying Power Program caps the purchase price at $300,000. Eligible property types include Single-family detached, townhouse, condominium, PUD. New construction is eligible. Manufactured homes are not eligible.

Buying Power Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Buying Power Program serves homebuyers purchasing in Grand Prairie, Texas.

Applications for Buying Power Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply through Grand Prairie Housing & Neighborhood Services. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.