Odessa Homebuyer Assistance Program

What is Odessa Homebuyer Assistance Program?

Odessa Homebuyer Assistance Program is a deferred second loan for homebuyers in Odessa, Texas.

• The City of Odessa Homebuyer Assistance Program provides zero-interest, deferred-payment loans to first-time buyers at or below 80% AMI. For existing homes, assistance is 5% or 10% of purchase price plus up to $3,500 in closing costs (total ≤$13,500). For new construction, DPA ranges from $2,500–$20,000 plus up to $4,000 closing costs (total ≤$24,000). Loans are forgiven if residency requirements are met.
• Up to $13,500 for existing homes (5-10% down payment + $3,500 closing costs).
• Up to $24,000 for new construction.
• Zero-interest deferred forgivable loan.
• 1% buyer contribution required.
• Funding comes from Federal (CDBG/HOME).

Do you have to pay it back?

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

• 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?

Odessa Homebuyer 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?

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

• At or below 80% of Area Median Income.
• 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?

Odessa Homebuyer Assistance Program caps the purchase price at $270,632.

• Eligible property types include Single-family.
• New construction is eligible.

Where does it apply?

Odessa Homebuyer Assistance Program serves buyers purchasing in Odessa, Texas.

How do you apply?

Applications for Odessa Homebuyer 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.