HOUSING & ECONOMIC DEVELOPMENT

Homebuyer Assistance Programs

Down Payment/Closing Cost Assistance

Special New Construction Loan Program

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
2014 Income Criteria
Family of 1 $28,950
Family of 2 $33,100
Family of 3 $37,250
Family of 4 $41,350
Family of 5 $44,700
Family of 6 $48,000
Family of 7 $51,300
Family of 8 $54,600

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Special New Construction Loan Program (Call for availability)

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.

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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 Waco 254.752.1647
  • Waco Community Development Corporation (Waco CDC) 254.235.7358
  • Debbie Rhodes 254.749.5430
Equal Housing Opportunity

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