City of Odessa Homebuyer Assistance Program

The City of Odessa Homebuyer Assistance Program is run by the city’s Community Development Department. The program helps first-time homebuyers with low-to-moderate incomes purchase in Odessa. The money can be used to make a larger down payment and pay closing costs.

Eligibility requirements

To qualify for the City of Odessa Homebuyer Assistance Program, you must meet the following eligibility requirements.

1. You must be a first-time homebuyer, or you cannot have owned a home within the past three years.
2. The home you buy must be within the Odessa city limits.
3. Your income must be at or below the program threshold. This threshold ranges from $49,900 to $82,800, depending on your household size. 

*For all DPA programs, income and purchase price limits are regularly reviewed and updated. These amounts were correct at publication but may change with time.

Type of loan

The City of Odessa Homebuyer Assistance Program provides down payment assistance through a deferred forgivable loan. This loan accrues no interest and it can be fully forgiven, meaning you won’t have to pay any of the money back, as long as you meet certain requirements. 

To be eligible for loan forgiveness, you must keep the house as your primary residence for a specified amount of time without selling, refinancing, or renting it out. You must also consistently make your mortgage payments on time during this period. 

At the end of the forgiveness period, if you’ve met these requirements, your loan can be forgiven. The length of your forgiveness period depends on how much down payment assistance you receive. 

Amount of down payment assistance

The amount of funding you can receive through the City of Odessa Homebuyer Assistance Program depends on whether you purchase an existing home or new construction.

For new construction

• Total assistance amount: $24,000.
• Down payment assistance: 5% or 10% of purchase price, up to $20,000.
• Closing cost assistance: Up to $4,000.*

*For newly constructed homes, the total amount of assistance, including down payment and closing costs, cannot be more than $24,000.  

For existing homes 

• Total assistance amount: Minimum $1,000, maximum $10,000.
• Down payment assistance: 5% or 10% of purchase price.
• Closing cost assistance: Up to $3,500.*

*For existing homes, the total amount of assistance, including down payment and closing costs, cannot be more than $10,000.  

Minimum borrower contribution

You don’t need to contribute any of your own money to qualify for this program. This makes it a good fit if you have little or no savings to put toward your down payment. 

Income limits

The income limits for this down payment assistance program range from $49,900 to $82,800, depending on the size of your household.

The program income limits are assessed and adjusted annually. To see if you qualify based on your current income, use our free down payment assistance finder.

Purchase price limits

The City of Odessa Homebuyer Assistance Program regularly assesses and adjusts their purchase price limits based on guidance from the U.S Department of Housing and Urban Development (HUD). 

Your mortgage lender will have the most up-to-date information on these limits. You can use our free down payment assistance finder to connect to lender approved to work with this program, please

How to qualify for the City of Odessa Homebuyer Assistance Program

To be eligible for this down payment assistance program, you must meet the program requirements described above. Use our free down payment assistance finder to see if you meet the eligibility requirements.

How to apply for the City of Odessa Homebuyer Assistance Program

To sign up for the City of Odessa Homebuyer Assistance Program, you need to apply through an approved lender who works with the city. The city of Odessa doesn’t accept direct applications. Use our free down payment assistance finder to find an approved lender who can help you apply.