Waco Homebuyer Down Payment Assistance

What is Waco Homebuyer Down Payment Assistance?

Waco Homebuyer Down Payment Assistance is a deferred second loan for homebuyers in Waco, Texas.

• The City of Waco Homebuyer Down Payment Assistance program provides up to $25,000 as a no-interest deferred loan to first-time homebuyers with household incomes at or below 80% AMI. Buyers must purchase within Waco city limits and apply through a city-approved participating lender. A minimum borrower contribution of $750 is required.
• Up to $25,000 no-interest loan.
• Deferred payment.
• First-time homebuyer program.
• Minimum $750 borrower contribution.
• Funding comes from Local/Federal (HOME/CDBG).

How much assistance does it provide?

Waco Homebuyer Down Payment Assistance offers up to $25,000 in assistance.

• 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?

Waco Homebuyer 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 Sale, Refinance, 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?

Waco Homebuyer 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?

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

• Household income at or below 80% of area median income for McLennan County.
• 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?

Waco Homebuyer Down Payment Assistance can be used for Single-family.

• New construction is eligible.

Where does it apply?

Waco Homebuyer Down Payment Assistance serves buyers purchasing in Waco, Texas.

How do you apply?

Applications for Waco Homebuyer 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 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.