College Station Down Payment Assistance Program

What is College Station Down Payment Assistance Program?

College Station Down Payment Assistance Program is a shared-appreciation loan for homebuyers in College Station, Texas.

• The City of College Station Down Payment Assistance Program provides shared equity, gap financing of up to 30% of the sales price (capped at $50,000) as a zero-interest deferred second lien. Repayment is due upon sale or when the buyer no longer owner-occupies; the city recaptures the original loan amount plus a proportionate share of equity gains. Income must be ≤80% AMI and minimum credit score is 600.
• Up to 30% of sales price (cap $50,000).
• Zero-interest deferred loan.
• Shared equity structure.
• Covers gap financing.
• 1.5% minimum buyer contribution.
• Funding comes from Local/Federal (HOME).

How much assistance does it provide?

College Station Down Payment Assistance Program provides assistance worth 30% of the purchase price, as set by the program.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

College Station Down Payment Assistance Program is a shared-appreciation loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Sale and No Longer Primary.
• 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?

College Station Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

College Station Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income at or below 80% of area median household income; max $20,000 liquid assets.
• 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?

College Station Down Payment Assistance Program can be used for Single-family.

• New construction is eligible.

Where does it apply?

College Station Down Payment Assistance Program serves buyers purchasing in College Station, Texas.

How do you apply?

Applications for College Station Down Payment Assistance 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 before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider 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.