Homebuyer Assistance Programs
Down Payment & Closing Cost Assistance
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.
- Up to $14,999 no-interest loan to help cover down payment and closing costs
- 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
2016 Income Criteria
|Family of 1||$31,400|
|Family of 2||$35,850|
|Family of 3||$40,350|
|Family of 4||$44,800|
|Family of 5||$48,400|
|Family of 6||$52,000|
|Family of 7||$55,600|
|Family of 8||$59,150|
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.
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