City of College Station Down Payment Assistance Program
How much assistance
Up to 30% of the sales price, capped at $50,000 (Deferred Loan)
Zero-interest, deferred second lien loan with shared equity. Repaid upon sale of the property or when the buyer ceases to owner-occupy. The repayable equity is calculated based on the assistance amount divided by the acquisition cost, multiplied by the equity realized at the time of sale.
Eligibility
- Income limits: Household income may not exceed 80% of the area median income. May not have more than $20,000 in liquid assets, excluding retirement accounts and personal property.
- First-time buyer required: Yes — Must be a first-time homebuyer.
- Credit score minimum: 600
- Geographic restrictions: Home must be located within the College Station city limits.
- Homebuyer education required: Yes
How to Apply for City of College Station Down Payment Assistance Program
Step 1: Contact the City of College Station Community Services department. Homebuyers must contribute a minimum of 1.5% of the total sales price at closing. Must have at least 6 months of employment history in the same job or field. Must complete housing counseling with a HUD-approved counselor prior to closing.
Notes
Shared equity model — the city shares in the home's appreciation upon sale. Maximum home price must not exceed 95% of the area median purchase price (HOME Homeownership Value Limits). Properties constructed prior to 1978 must pass a lead-based paint risk assessment. Mobile homes, duplexes, and quadraplexes are excluded.