Down Payment Assistance Program

What is Down Payment Assistance Program?

Down Payment Assistance Program is a forgivable loan for homebuyers in Bryan, Texas.

• Bryan HOME-funded DPA up to $10,000 forgivable second; 0%, 5-yr forgiveness; max purchase $235K-$251K; 80% AMI Brazos County.
• City of Bryan's HUD HOME-funded Down Payment Assistance Program provides up to $10,000 in down payment and closing cost assistance for FTHBs within Bryan city limits. Structured as a deferred 0% forgivable second mortgage with 5-year forgiveness. Maximum purchase price $235,000-$251,000 by HH size.
• Funding comes from Local and HOME.

Do you have to pay it back?

Down Payment Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by 20% per year forgiveness over 5 years and pro-rata recapture during HOME affordability period.
• 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?

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?

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

• <=80% AMI Bryan-College Station MSA: $49,050 (1-person) to $93,350 (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?

Down Payment Assistance Program caps the purchase price at $251,000.

• 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?

Down Payment Assistance 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?

Down Payment Assistance Program serves buyers purchasing in Bryan, Texas.

How do you apply?

Applications for 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, through HUD-approved 8-hour homebuyer education required; Brazos Valley CAA, NeighborWorks, online via eHome America..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply through City of Bryan Community Development; subject to annual HOME allocation., 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.