How much is the Buying Power grant?
The Buying Power grant provides up to $5,000 in assistance to cover ½ of required down payment and closing costs less any seller concessions, credits and pre-paids.
How do I qualify for the Buying Power grant program?
You must be a first-time homebuyer, not have owned a home within three years.
Your gross annual income must not exceed 80% of the Area Median Income per household size. Please see Buying Power application for income guidelines.
You must purchase an existing home within in the city limits of Grand Prairie
Do I have to live in the home for a certain amount of time or pay any money back in order to receive the grant assistance?
No. There are no residency restrictions to the grant and you do not have to repay any of the grant back to the city.
Can I use the full grant amount towards my down payment?
No. The grant only covers ½ of your required down payment. The remaining portion of the grant can be used for closing costs.
How do I qualify based on my income?
You will submit an application with supporting income documentation of all household members. We will count the gross annual income for all adult household members. The total household income must not exceed 80% of area median income per household size.
Do I have to use a preferred lender or realtor?
No, we do not have preferred lenders or realtors. However, it is highly recommended that your lender and realtor be knowledgeable about the Buying Power grant program guidelines.
What types of home can I purchase?
You may purchase any existing home within the city limits of Grand Prairie. A custom-built or new construction property is not eligible unless it was constructed under an approved affordable housing program.
Are there any inspections required?
Yes. There are two inspections required by the City of Grand Prairie. You must purchase a Texas Real Estate Commission Independent (TREC) Home Inspection report and provide a copy to the City of Grand Prairie. Also, the property must pass a Housing Quality Standards (HQS) inspection performed by the city.
Can I receive money back at closing?
No. The borrower must not receive any funds back at closing.
Can I stack other down payment assistance programs with the Buying Power grant program?
Yes. You may use other down payment assistance programs in conjunction with our grant program. If you are unsure please contact the Neighborhood Service Specialist for clarification.