CITY OF LEWISVILLE DOWN PAYMENT ASSISTANCE PROGRAM

City of Lewisville Down Payment Assistance Program

Down Payment Assistance

 

Lewisville DPA Program
Location Served: Lewisville, TX
Provider: City of Lewisville Community Development Department
Approved Lender: New American Funding – (512) 524-8077
Website

 
Purchasing a home is perhaps one of the greatest investments made by individuals and families. However, many individuals need assistance getting into their first home. The City of Lewisville understood the challenges individuals were having and created the First Time Homebuyer Assistance Program (FHAP). The City of Lewisville FHAP supports low to moderate-income first time homebuyers by providing them with down payment, closing cost and principal reduction assistance. The annual entitlement grant called the Community Development Block Grant from the U.S. Department of Housing and Urban Development (HUD) provides funding for Lewisville’s FHAP.
 

Eligibility Requirements

 
To qualify for the City of Lewisville First Time Homebuyer Assistance Program, homebuyers must meet the following requirements:
 

  • Applicants must be first-time homebuyers or not have owned a home in past 3 years
     

  • Applicants must have a gross household income equivalent to 80% or below of area median income (See chart below)
     

  • Applicants must be a U.S. Citizen, Citizen National, or Qualified Alien
     
    Individuals applying to Lewisville’s FHAP will be required to:
     

  • Complete 8 hours of the first-time homebuyer class
  •  

  • Attend an Orientation with FHAP staff
  •  

  • Contribute at least ½ of the down payment
  •  

  • Work with real estate agent and loan officer who are approved for Lewisville’s program

 

Household Size 0-50% Very Low 50-60% Low 60-80% Moderate
1 $24,550 or below $24,551-$29,460 $29,461-$39,300
2 $28,050 or below $28,051-$33,660 $33,661-$44,900
3 $31,550 or below $31,551-$37,860 $37,861-$50,500
4 $35,050 or below $35,051-$42,060 $42,061-$56,100
5 $37,900 or below $37,901-$45,480 $45,481-$60,600
6 $40,700 or below $40,701-$48,840 $48,841-$65,100
7 $43,500 or below $43,501-$52,200 $52,201-$69,600

 

Down payment Assistance 1/2 of FHA Minimum (Currently 1.75% of sales price) 1/2 of FHA Minimum (Currently 1.75% of sales price) 1/2 of FHA Minimum (Currently 1.75% of sales price)
Closing Cost Assistance Up to $5,000 Up to $5,000 Up to $5,000

 

Principal
Reduction
Assistance
$8,000 $3,000 $0
Location Incentive $1,500 $1,500 $1,500

 
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.

This website marketing is not intended to offer loan services for properties in New York.