Homebuyer Down Payment Assistance
Financial assistance is available in the form of a loan to help cover down payment and closing costs. Participants can receive up to $25,000 in down payment and closing cost assistance.
Who is Eligible?
- First-time homebuyer
- Household income at or below 80%of the area median income (AMI)
- Homebuyers who qualify for a first-lien mortgage
- Mortgage terms that do not exceed 30 years
- Borrower must invest at least $750 in the home purchase
- Property must be owner-occupied (not for investment purposes)
Income Guideline Effective 6/15/2023
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 are added to their account with a maximum $2,000 match. 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 Grassroots Community Development at (254) 235-7358.
Our partners are available to help you navigate the path to homeownership.
Grassroots Community Development
Waco, TX 76707
922 Franklin Ave
Waco, TX 769701