Dallas Homebuyer Assistance

Dallas Homebuyer Assistance is a forgivable loan for homebuyers in Dallas, Texas. City of Dallas program providing up to $60,000 in down payment and closing cost assistance as a 0% interest forgivable loan. Assistance amount depends on property location (up to $60,000 in High Opportunity Areas, up to $50,000 elsewhere). Loan is forgiven over a 15-year affordability period with no monthly payments required. Applicants must contribute a minimum of $1,000 toward the purchase. Up to $60,000 in down payment and closing cost assistance (up to $60,000 in High Opportunity Areas. up to $50,000 in standard areas). 0% interest rate with no monthly payments. Forgivable over 15-year affordability period. Can be used for down payment, closing costs, or principal reduction. No repayment required if owner occupies property for full affordability period. Funding comes from Federal.

Dallas Homebuyer Assistance offers up to $60,000 in assistance. The program asks homebuyers to contribute $1,000. 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.

Dallas Homebuyer Assistance is forgiven after 15 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, Refinance, No Longer Primary, and Transfer of Title. 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.

Dallas Homebuyer Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Must not have owned a home in the past 3 years. The program lists a minimum credit score of 620. A homebuyer education course is required, through HUD-approved housing counseling agencies. Contact the City of Dallas Housing & Neighborhood Revitalization Department for a list of approved providers. Must complete HUD-approved homebuyer education course. Must contribute minimum $1,000 of own funds toward purchase. Property must be used as primary residence. Must work with a City of Dallas approved lender.

Dallas Homebuyer Assistance limits household income to 80% of the area median income, which varies by county and household size. 1 person: $54,950; 2 persons: $62,800; 3 persons: $70,650; 4 persons: $78,500; 5 persons: $84,800; 6 persons: $91,100. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Dallas Homebuyer Assistance caps the purchase price at $342,000. Eligible property types include Single Family, Condo, and Townhouse. New construction is eligible.

Dallas Homebuyer Assistance serves homebuyers purchasing in Dallas, Texas.

Applications for Dallas Homebuyer Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. 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.