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)
How to Apply for Assistance
When you access the Portal for the first time, you’ll need to Register your account by clicking on the Register link. The registration process will create a username (which is your email address) and password that will be used for future logins. The email address you choose will also be used for system emails/notifications, so it is recommended to use your work email address. For security purposes, the system will validate that you own the registered email address by sending an email with a validation link.
Note: If you do not receive the system email within 2 minutes, check your spam or bulk mail folder.
Once your account has been registered, you may login by entering the email address and password used during registration.
Begin the Application
Once you’re logged in, select the program you’re interested in applying for by clicking the blue link titled Start Application.
Multiple Users
Participants may provide access to multiple persons to edit and update the application by clicking on the View Users icon and clicking Add a User.
Assistance
You may call (254) 750-5656 or email hcd@wacotx.gov for assistance.
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 76701
(254) 752-1647