Down Payment Assistance

Programs in Dallas TX.

     
    The City of Dallas offers multiple down payment assistance and grant programs for first time home buyers. Here are some of the available programs:
     
   
Dallas Housing Finance Corporation Single Family Mortgage Revenue Bond Program
    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.
     
   
Mortgage Assistance Program (MAP)
    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.
   
Funds are available to first-time homebuyers earning 80% or below the area median family income.
  The home must be located in the Dallas city limits.
  The home sale price can not exceed certain federal limits.
  Homebuyer must complete homeownership education from an approved counseling agency.
  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.
  Must use a participating lender.
  Funds available on a first come basis.
     
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