Garland, Texas provides down payment assistance program for low to moderate income, first-time homebuyers that are purchasing a home in Garland, Texas. The down payment assistance is in the form of a $10,000 forgivable loan that is due in full if you sell, lease, or transfer title within the first five years of ownership.
How does it work? Your eligibility for the program is based on the following:
- You are a first-time homebuyer, not owning a home within the last three years at application.
- You must purchase a home in the Garland, TX city limits.
- You must qualify for a first mortgage with a private lender, such as Service First Mortgage.
- Your income is below 80 percent of HUD’s Median Income Guidelines, listed based on family size on this webpage: http://www.ci.garland.tx.us/gov/hk/hcs/eligibility.asp
If you are considering purchasing a home in Garland, TX, please ask us about this program and the full set of program details and application packet.
