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)
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The 2024 HUD Income Guideline as of 5/01/2024
HUD.gov Income Limits Documentation System
| Family Size |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| 80% AMI |
$45,550 |
$52,200 |
$58,600 |
$65,100 |
$70,300 |
$75,550 |
$80,750 |
$85,950 |
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