Best Grants and Home Buying Assistance Programs in Dallas
Buying a home is a huge milestone in any person’s life. It requires a great deal of planning and often difficult financial decisions. Many people go through the home buying process under a great deal of stress without realizing that they are eligible for government assistance. As a resource to our Dallas readers, we’ve put together a list of local government grants and home buying assistance programs that can help move you closer to realizing your dream of owning a house.
City of Dallas Mortgage Assistance Program (MAP)
The City of Dallas Mortgage Assistance Program, or MAP, has been around since 1991 and has helped fund nearly 8,000 loans. Its main goals are to give low-income families the opportunity to own homes as well as to help revitalize communities. To qualify for the program you must have a total household income that is less than 80 percent of the Dallas Area Median Family Income. Additionally, the maximum sales price for the home cannot exceed $145,000 if it is an existing property and $195,000 for new construction. Finally, the home must pass a review to make sure that it complies with the Minimum Housing Standards (MHS). To learn more about this program and to see if you qualify check out their website by clicking here.
My First Texas Home
Offered by the Texas Department of Housing and Community Affairs, the My First Texas Home program is similar to MAP in that it has 32 years of experience helping low to moderate-income first time home buyers. The program helps make mortgages more affordable by offering better-fixed interest and annual percentage rates while providing down payment and closing cost assistance of as much as 5 percent of the loan. What’s really awesome about this program is that it can work in tandem with the state’s Mortgage Credit Certificate Program, which is next on our list. For more information on My First Texas Home click here.
Mortgage Credit Certificate Program
The Texas Mortgage Credit Certificate Program, also offered by the Texas Department of Housing and Community Affairs, allows participants to obtain a Mortgage Credit Certificate. Once obtained, the certificate allows home buyers to claim a tax credit for a portion of their mortgage’s interest paid each year. Requirements include not having owned a home as a primary residence in the past three years as well as other conditions. To read more and see if you qualify click here.
*Updated June 2020. Originally posted February 2017.