City of Waco Homebuyer Down Payment Assistance Program

The City of Waco Homebuyer Down Payment Assistance Program is run by the city’s Housing and Community Development Department. It is designed to help people with low-to-moderate incomes purchase their first home in Waco. 

The program offers flexible and generous down payment assistance that can be used for both your down payment and closing costs.

Eligibility requirements

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

1. You must be a first-time homebuyer. 
2. You must purchase a home within Waco city limits.
3. Your total household income must be at or below 80% of the area median income (AMI). 

*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 Waco Homebuyer Down Payment Assistance Program gives down payment assistance in the form of a loan. 

Unlike most Texas down payment assistance programs, this loan does need to be repaid. However, the program is designed for low-to-moderate income buyers, so the loan is structured in a way that makes payments manageable for income-eligible households. 

Amount of down payment assistance

Through this program, you can receive up to $25,000 to help with your down payment and closing costs. 

Minimum borrower contribution

The minimum borrower contribution for this program is $750. You’ll need some savings to qualify, but the amount of down payment assistance you’ll receive delivers a lot of value from this investment. Your $750 contribution can be put toward your down payment.

Purchase price limits

This program has no purchase price limits. However, you must still qualify for a mortgage based on your income.    

Income limits

The income limit for this down payment assistance program is 80% of the area median income (AMI). In the City of Waco, 80% AMI is currently between $41,450 and $63,950, depending on the size of your household.

Program income limits are often reviewed and updated to match housing market and economic conditions. To see if you qualify for this program based on your income, use our free down payment assistance finder.

How to qualify for the City of Waco Homebuyer Down Payment Assistance Program

To be eligible for this down payment assistance program, you must meet the eligibility requirements explained above. Our free down payment assistance finder shows you whether or not you qualify.

How to apply for the City of Waco Homebuyer Down Payment Assistance Program

To sign up for the City of Waco Homebuyer Down Payment Assistance Program, you need to apply through a lender who is approved by the city and participates in the program. The city of Waco doesn’t accept direct applications. Use our free down payment assistance finder to connect with lenders who can help you apply for this program.