Dallas Homebuyer Assistance

What is 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.

How much assistance does it provide?

Dallas Homebuyer Assistance offers up to $60,000 in assistance.

• The program asks buyers 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.

Do you have to pay it back?

Dallas Homebuyer Assistance is forgiven after 15 years, so a buyer 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.

Who qualifies?

Dallas Homebuyer Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

Dallas Homebuyer Assistance caps the purchase price at $342,000.

• Eligible property types include Single Family, Condo, and Townhouse.
• New construction is eligible.

Where does it apply?

Dallas Homebuyer Assistance serves buyers purchasing in Dallas, Texas.

How do you apply?

Applications for Dallas Homebuyer Assistance 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 housing counseling agencies. Contact the City of Dallas Housing & Neighborhood Revitalization Department for a list of approved providers..

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.