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Down
Payment Assistance
Programs in Dallas TX.
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The City of Dallas offers multiple down payment assistance and grant
programs for first time home buyers. Here are some of the available
programs: |
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Dallas Housing
Finance Corporation Single Family Mortgage Revenue Bond Program |
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The
program offers a 5.99% fixed interest rate for 30-years with down
payment and closing cost assistance equal to 3.5% of the loan amount
with a 1% origination fee. (For example, on a $70,000 loan amount,
homebuyers will receive $2,450 in assistance). Available mortgage
loan types include Conventional, FHA, VA, USDA-RHS, Fannie Mae and
Freddie Mac. |
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Mortgage Assistance
Program (MAP)
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A first-time
homebuyer program which provides principal reduction, down payment,
and closing costs assistance up to $10,000.00. Also, may provide a
grant of up to $1,500.00 for Minimum Housing Standards repairs. |
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Funds are available to first-time homebuyers earning 80% or below
the area median family income. |
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The
home must be located in the Dallas city limits. |
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The
home sale price can not exceed certain federal limits. |
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Homebuyer
must complete homeownership education from an approved counseling
agency. |
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A first-time
home buyer is defined as someone who has not owned a home in three
years. Under first-time home buyer programs, single parents and displaced
homemakers automatically are considered first-time homebuyers. |
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Must
use a participating lender. |
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Funds
available on a first come basis. |
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