I Want to Buy a Home in Dallas, Now What? DCH’s Guide to Homebuying Assistance
Becoming a homeowner is a part of the American dream, a dream that seems out of reach for many. Insurance premiums, inflation, and difficulty saving for down payments are considerable barriers to homeownership. The good news is that for prospective homebuyers in Dallas, there are assistance programs that can make homebuying more attainable, whether you are a first-time buyer who needs down payment assistance or you need help with closing costs. There are a number of local programs that fit different needs and circumstances. Here is the DCH guide to available assistance programs for homebuyers in Dallas.
1. Dallas Homebuyer Assistance Program (DHAP)
The Dallas Homebuyer Assistance Program (DHAP) is a primary resource for first-time homebuyers in Dallas. The City of Dallas administers it, and this program provides qualified homebuyers with down payment and closing cost assistance.
Keys to Elligibility and Assistance:
Available to First-time homebuyers or those who have not owned a home in the last three years.
Applicants must meet income requirements based on the area's median income levels.
DHAP offers up to $20,000 in assistance, depending on the homebuyer’s income level and the property's location.
This program increases homeownership opportunities for low- to moderate-income families by reducing down payment amounts.
2. Texas State Affordable Housing Corporation (TSAHC) Programs
The Texas State Affordable Housing Corporation (TSAHC) has several programs to assist homebuyers across the Texas, including Dallas. Some programs include:
Keys to Elligibility and Assistance:
Homes for Texas Heroes Program provides down payment assistance and better loan terms for teachers, police officers, firefighters, EMS personnel, and veterans.
Home Sweet Texas Loan Program is designed for low- and moderate-income homebuyers and also offers down payment assistance and low-interest loans.
Both programs provide a fixed-rate mortgage loan along with down payment assistance as a grant (which does not need to be repaid) or a forgivable second lien loan.
3. Dallas County Home Loan Counseling Center (HLCC)
The Dallas County Home Loan Counseling Center (HLCC) offers counseling services and assistance programs to help residents become homeowners.
Keys to Education for Homebuyers
Homebuyer Education Workshops are free and educate homebuyers about the home purchasing process, financial planning, and maintaining a home.
Down Payment Assistance Program: HLCC offers financial assistance for down payments and closing costs to qualified buyers.
HLCC is a great resource for those looking to learn more about homebuying and to see whether they are financially ready to purchase and maintain a home.
4. Federal Home Loan Bank of Dallas (FHLB Dallas) Programs
FHLB Dallas offers grant programs that are in support of homebuyers.
Keys to Grants
Homebuyer Equity Leverage Partnership (HELP) helps provide down payment and closing cost assistance to low- and moderate-income, first-time homebuyers.
Special Needs Assistance Program (SNAP) assists households with disabled individuals with necessary home repairs and modifications.
These key programs are bridging the affordability gap for many in Dallas and make homeownership more accessible for individuals and families who need it. We hope that these programs continue and are available to wider audiences because we need more attainable homes for our Dallas homebuyers.