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 

Family Size 1 2 3 4 5 6 7 8
80% AMI  $39,150   $44,750   $50,350   $55,900   $60,400   $64,850   $69,350   $73,800 

 

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.

Homebuyer Education 

Our partners are available to help you navigate the path to homeownership. 

Grassroots Community Development

1624 Colcord
Waco, TX 76707
254-235-7358

NeighborWorks Waco

922 Franklin Ave
Waco, TX 769701
254-752-1647