City of Odessa Homebuyer Assistance Program
How much assistance
Up to $13,500 for existing homes; up to $24,000 for new construction (Forgivable Loan)
Zero-interest deferred forgivable loan. Forgiven if borrower meets residency requirements.
Eligibility
- Income limits: At or below 80% of Area Median Income. Ranges from $49,900 (1 person) to $82,800 (8 person household).
- Purchase price limit: $270,632
- First-time buyer required: Yes — Must not have owned a home in the past 3 years.
- Geographic restrictions: Must purchase within City of Odessa city limits.
- Homebuyer education required: Yes
How to Apply for City of Odessa Homebuyer Assistance Program
Step 1: Apply through an approved lender who works with the City of Odessa. Buyers must complete a homebuyer education course through Odessa Affordable Housing, Inc. at 432-362-2349. Buyers must provide 1% of the purchase price toward the home and have at least two months of principal and interest in savings prior to closing. Contact the Community Development Department at 307 N. Lee Street, Odessa, TX 79761.
Notes
Existing homes: 5-10% of purchase price for DPA plus up to $3,500 closing costs, total max $13,500. New construction: $2,500-$20,000 DPA plus up to $4,000 closing costs, total max $24,000. Purchase price limit for existing homes is $270,632; new construction limited to 95% of HUD maximum.