Homebuyer Assistance Programs
Down Payment/Closing Cost Assistance
Special New Construction Loan Program
Purchase/Rehab ProgramCity Employee Loan Assistance
Supplementary Programs
Down Payment & Closing Cost Assistance
Loan Application
Purpose:
To provide financial assistance for lower income families purchasing a newly-constructed or existing home within the City of Waco for use as their primary residence.
Benefits:
- Up to $15,000 no-interest loan to help cover down payment and closing costs
Eligibility Criteria:
- Homebuyers must meet income criteria (80% or below the median income for the City of Waco)
- Borrower must be able to qualify for a first-lien mortgage
- Maximum mortgage term not to exceed 30 years
- Borrower must invest at least $500 in the home purchase
- Property must be owner-occupied (not for investment purposes)
More terms may apply to this program. For more information, please contact us at 750-5656.
City of Waco
80 percent of the Median
2012 Income Criteria
Family of 1
$29,150
Family of 2
$33,300
Family of 3
$37,450
Family of 4
$41,600
Family of 5
$44,950
Family of 6
$48,300
Family of 7
$51,600
Family of 8
$54,950
Special New Construction Loan Program
Loan Application
Purpose:
To provide financial assistance for lower income families purchasing a newly-constructed home within the City of Waco for use as their primary residence.
Benefits:
- Up to $10,000 no-interest loan to help cover down payment and closing costs
- Can be combined with other City of Waco programs (except in certain subdivisions)
Eligibility Criteria:
- Homebuyers must meet income criteria (80% or below the median income for the City of Waco)
- Borrower must be able to qualify for a first-lien mortgage
- Maximum mortgage term not to exceed 30 years
- Borrower must invest at least $500 in the home purchase
- Property must be owner-occupied (not for investment purposes)
- New construction only
- Minimum residency requirement may apply if Federal funding was used to construct the home
More terms may apply to this program. For more information, please contact us at 750-5656.
Purchase-Rehab Program
Purpose:
To allow rehabilitation financing of existing homes to lower income homebuyer applicants.
Benefits:
- Up to $25,000 low-interest loan (0-3%) to rehabilitate existing homes within the City of Waco
- Can be combined with other City of Waco programs
Eligibility Criteria:
- Homebuyers must meet income criteria (80% or below the median income for the City of Waco)
- Property must have current code violations to qualify rehab work
- Rehab/repairs must be completed within 180 days of closing
- Borrower must invest at least $1000 of their own funds (no gift funds)
- Property must be owner-occupied (not for investment purposes)
More terms may apply to this program. For more information, please contact us at 750-5656.
City Employee Loan Assistance
Loan Application
Purpose:
To encourage homeownership among City employees within the City of Waco by providing a forgivable loan for the purchase of their primary residence.
Benefits:
Employees Below 80% of the Median Income (AMI):
- Up to $25,000 no-interest forgivable loan for the purchase of an owner-occupied home within the City of Waco
Eligibility Criteria:
Employees Below 80% of the Median Income (AMI):
- Employees must be in good standing with the City of Waco and have been employed for a minimum of 12 consecutive months
- Property must be owner-occupied (not for investment purposes)
- Loan is forgiven at $2,500 per year for 10 years, provided the owner-occupant remains employed in good standing with the City of Waco
- New or existing homes are eligible
- Subject to repayment if employment is terminated or the property is sold/transferred
More terms may apply to this program. For more information, please contact us at 750-5656.
| City of Waco 80 percent of the Median 2013 Income Criteria |
|
Family of 1 |
$29,150 |
Family of 2 |
$33,300 |
Family of 3 |
$37,450 |
Family of 4 |
$41,600 |
Family of 5 |
$44,950 |
Family of 6 |
$48,300 |
Family of 7 |
$51,600 |
Family of 8 |
$54,950 |
Individual Development Account (IDA) Program
The IDA program allows lower income families to save money for the down payment on a home. An IDA is a matched savings account in which participants deposit money. For every dollar of earned income that families save, two dollars is added to their account. The participants’ savings goal is $1000; with the match, they will complete the program with $3000 toward a down payment on a home.
To learn more about the IDA program, please contact Waco CDC at (254.235.7358.
Homebuyer Education
The flowing organizations provide programs to educate future homebuyers on the purchase process as well as financial literacy:
- NeighborWorks of Waco, Inc. 254.752.1647
- Waco Community Development Corporation (Waco CDC) 254.235.7358
- Edanbra Development Corporation (EDC) 254.753.1976
Foreclosures Emergency Assistance Program (FEAP)
The City of Waco has partnered with NeighborWorks of Waco, Inc. to offer foreclosure prevention services for qualified homeowners. To learn more or to apply for this service please call NeighborWorks of Waco directly by clicking here.
Please note the availability of all programs is subject to funding availability.
