Hey there! Navigating the journey to homeownership can feel overwhelming, but don’t worry—I’m here to help. Let’s chat about the City of Grand Prairie’s Buying Power Program, designed to make purchasing your first home a bit easier.

Program Name:

Buying Power Program

Source of Funding:

The Housing and Neighborhood Services Department of the City of Grand Prairie administers this initiative.

For more details, visit the official program page: Buying Power Program.

Eligibility Criteria:

• First-Time Homebuyer: You must not have owned a home in the last three years.
• Income Requirements: Your household’s gross annual income should be at or below 80% of the area median income, adjusted for family size.
• Property Location: The home must be within the city limits of Grand Prairie.
• Property Type: Only existing homes are eligible; custom-built or new constructions are excluded unless part of an approved affordable housing program.
• Sales Price Limit: The property’s sales price cannot exceed $300,000.

Benefits:

• Financial Assistance: The program offers up to $7,500 to cover half of the required down payment and reasonable closing costs.
• No Repayment Required: This assistance comes as a grant, so you won’t need to repay it or commit to a minimum residency period.

Potential Drawbacks:

• Personal Investment: You’re required to contribute at least $500 toward the purchase.
• Inspection Requirements: The property must pass a Housing Quality Standards inspection conducted by the city, and all utilities must be active during the inspection.
• Lead-Based Paint Assessment: Homes built before 1978 require a lead-based paint visual assessment. If issues are found, they must be addressed before you can move in.

Application Process:

1. Complete the Application: You can apply online or in person at the Housing and Neighborhood Services Department.
2. Gather Documentation: Provide necessary documents, including proof of income, a prequalification letter from a lender, and a signed sales contract.
3. Homebuyer Education: Attend a HUD-approved homebuyer training and counseling class before closing.
4. Inspections: Ensure the property undergoes both a professional home inspection and the city’s Housing Quality Standards inspection.

For more details or to start your application, visit the official program page: Buying Power Program.

Program Availability:

This program is available exclusively within the city limits of Grand Prairie, Texas.

Pros and Cons:

Pros:

• Financial Relief: Provides substantial assistance with down payment and closing costs.
• No Repayment Obligation: The grant doesn’t require repayment or a minimum residency period.

Cons:

• Limited to Existing Homes: New constructions are generally ineligible unless part of specific affordable housing programs.
• Property Requirements: Homes must pass specific inspections, which could necessitate additional repairs or improvements.

Application Process Details:

• Submission: Applications can be submitted online or in person at the Housing and Neighborhood Services Department.
• Documentation: Applicants must provide income verification, a lender’s prequalification letter, a signed sales contract, and proof of attending a HUD-approved homebuyer education class.
• Inspections: The property must undergo both a professional home inspection and a Housing Quality Standards inspection by the city.

Type of Assistance:

This program offers a grant specifically for down payment and closing cost assistance.

Program Timeline:

The specific start date of the program isn’t provided in the available information.

For the most current details and to access the application, please visit the official program page: Buying Power Program.