Hey there! Navigating the home-buying process can feel overwhelming, especially when you’re doing it for the first time. But don’t worry—Grand Prairie has a fantastic program designed to make this journey a bit smoother for folks like you.

Program Name: Buying Power Program

Source of Funding

This initiative is administered through the Housing and Neighborhood Services Department of the City of Grand Prairie.

Eligibility Criteria

• First-Time Homebuyer: You should not have owned a home in the last three years.
• Income Level: Your household income must be at or below 80% of the area median income, adjusted for family size. For instance, in Dallas County, the limit is $82,500 for a family of four, while in Tarrant County, it’s $76,550.
• Property Location: The home must be within the city limits of Grand Prairie.
• Property Type: Only existing homes are eligible; new constructions are excluded unless part of an approved affordable housing program.
• Purchase 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 staying in the home for a specific period.
• Homebuyer Education: You’ll receive valuable training through a HUD-approved homebuyer counseling class, equipping you with essential knowledge for homeownership.

Potential Drawbacks

• Personal Investment: You’re required to contribute at least $500 toward the purchase, which must be reflected on the HUD-1 form.
• Inspection Requirements: The property must pass a Housing Quality Standards inspection conducted by the city, and all utilities need to be active during this 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. Gather Documentation: Collect necessary documents, including proof of income, identification, and savings.
2. Submit Application: Apply online or in person at the Housing and Neighborhood Services Department.
3. Provide Additional Information: After applying, you’ll have 10 days to submit any additional required documents.
4. Await Processing: The city typically processes applications within 10 working days once all documents are received.

Contact Information

• Phone: 972-237-8176
• Address: Housing & Neighborhood Services, 210 W Main St, Grand Prairie, TX 75050
• Office Hours: Monday to Thursday: 7:30 a.m. – 6 p.m.; Friday: 7:30 a.m. – 12 p.m.

For more detailed information, you can visit the official program page.

Additional Details

Geographic Availability

This program is specifically for properties within the city limits of Grand Prairie, Texas.

Pros and Cons

Pros:

• Substantial financial assistance up to $7,500.
• No repayment obligations or residency duration requirements.
• Access to valuable homebuyer education resources.

Cons:

• Limited to existing homes; new constructions are generally ineligible.
• Strict property inspections and potential lead-based paint remediation for older homes.

Grant or Down Payment Assistance?

This program provides a grant for first-time homebuyers.