Down Payment and Closing Costs Assistance in Odessa
Along with a 30 year fixed FHA loan, the home buyer program offers down payment and closing cost assistance to qualifying low-income residents looking to purchase a home in Odessa. For existing homes we provide 5% or 10% down payment assistance and up to $3,500 in closing costs assistance for homes less than $95,000. The program also offers down payment assistance on a sliding scale based on family income with up to $4,000 in closing costs assistance for any newly built home within city limits that has a sales price of less than $120,650.
TDHCA – 30 year fixed FHA loan plus a 5% grant to pay for down payment and closing costs. Home buyer must be a first-time home buyer and a resident of Texas. The borrower must also meet certain income requirements. The grant does get added as a 2nd lien but does not need to be paid back until the home is refinanced or sold. No interest is accrued so the lien amount never changes.
TSAHC – 30 year fixed FHA, USDA or VA loan along with a 3% or 5% grant to cover down payment and/or closing costs. The grant does NOT need to be repaid. Previous home owners and first-time buyers are welcome to apply. This program is targeted towards public service officials and low income individuals. Please take a look at the list below to see if your occupation fits into the program.
- Public classroom teacher;
- Full-time public teacher’s aide;
- Full-time public school librarian;
- Full-time public school counselor;
- Full-time public school nurse; or
- Allied Health or Professional Nursing Program faculty member
- Fire Fighter
- Corrections Officer or Juvenile Corrections Officer (this includes any employees of the Texas Department of Criminal Justice or Texas Juvenile Justice Department that receives hazardous duty pay)
- County Jailer
- Public Security Officer
Program Provider: Texas State Affordable Housing Corporation (TSAHC) – http://www.tsahc.org/
Eligibility Quiz: http://www.tsahc.org/homebuyers-renters/take-the-eligibility-quiz