Buying Power Program

What is 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.

Do you have to pay it back?

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.

Who qualifies?

Buying Power Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Is there eligibility for specific groups?

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.

Where does it apply?

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

How do you apply?

Applications for Buying Power Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved 8-hour homebuyer education required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply through Grand Prairie Housing & Neighborhood Services., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.