City of Bryan DPA Programs
Down Payment Assistance
Location Served: Bryan, TX
Provider: City of Bryan
Approved Lender: New American Funding – (512) 524-8077
The Community Development Services Department helps eligible citizens the eligible citizens of Bryan by providing funding for the purchase of both existing and newly built affordable homes. The department manages the CDBG and HOME funding in accordance with the guidelines set forth by the U.S. Department of Housing and Urban Development.
Under the City of Bryan DPA Programs, qualified borrowers can receive up to $7,500 in the form of a 5-year deferred and forgivable 0% loan. Please note, the loan is repayable upon refinance, sale, and transfer of title or repayment of the first lien note within the 5-year period.
Down Payment and Closing Costs Assistance Program
To be eligible for the City of Bryan Down Payment Assistance Program:
- The property must be located within the city limits of Bryan
- Proof of citizenship or permanent legal resident alien status must be presented by all household members
- Prior to the application, candidates must provide an earnest money contract on an eligible property
- Applicants must acquire their own mortgage financing for the purchase
- The homebuyer must supply at least $1,000 toward the purchase of the property
- All applicable federal eligibility guidelines must be met by the applicant and the property
- All applicants must attend homebuyer counseling
Homes built prior to 1978 that have been determined by a property inspector to have deteriorated paint will not receive Homebuyer Assistance unless the property has undergone Lead Hazard Reduction and Clearance as prescribed in 24 CFR35.
In order to receive Homebuyer Assistance:
- The applicant’s household income must be equal to or less than 80 percent of the area median income (AMI).
- The Maximum allowable top and bottom qualifying ratios are 33 percent and 43 percent.
- Applicants must meet other eligibility requirements as specified by the participating mortgage lender
Available funding provided by this program is limited. Assistance through the City of Bryan Down Payment Assistance Program is provided to qualified applicants on a first come, first serve basis. The program is not to be combined with any other City of Bryan housing programs. Because of limited availability, have the following documents ready at the time of application:
- Employment history
- Social Security cards
- Drivers licenses
- Resident Alien Card
- Savings and checking account information
- Earnest money contract
- Loan application information
- W-2 forms and income tax returns for the previous two years
If you have any additional questions regarding home mortgages, please contact a mortgage expert by filling out the form on the right or calling (512) 524-8077. You can also email Team@CandyBuzan.com.