Down Payment Assistance

What is Down Payment Assistance?

Down Payment Assistance is a deferred second loan for homebuyers in College Station, Texas.

• College Station FTHB DPA up to $10,000 forgivable second; 0%, 5-yr forgiveness; 600 FICO; 80% AMI Brazos County.
• City of College Station's Down Payment Assistance program provides up to $10,000 in down payment and closing cost assistance for FTHBs within College Station city limits. Structured as a deferred 0% forgivable second mortgage with 5-year forgiveness.
• Funding comes from Local and HOME.

How much assistance does it provide?

Down Payment Assistance offers up to $50,000 in assistance.

• The program asks buyers to contribute $500 minimum borrower contribution.
• 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?

Down Payment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Shared-equity recapture: original loan amount plus shared-equity amount (assistance/acquisition cost x equity at sale) repaid upon sale or when buyer ceases to owner-occupy; no annual forgiveness.
• 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 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 limits household income to 80% of the area median income, which varies by county and household size.

• <=80% AMI Bryan-College Station MSA: $49,500 (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 caps the purchase price as follows: Per HUD HOME 95% area median Bryan-College Station MSA.

• 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 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 serves buyers purchasing in College Station, Texas.

How do you apply?

Applications for Down Payment 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 8-hour homebuyer education required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply through City of College Station Community 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.