Garland HFC MCC with Down Payment Assistance Program
How much assistance
$15,000 total: $10,000 second lien loan plus $5,000 non-repayable grant (Grant)
The $5,000 grant does not have to be repaid. The $10,000 second lien is non-forgivable and due upon maturity, sale, transfer, or refinancing. Additionally, a Mortgage Credit Certificate provides a federal tax credit of up to $2,000 per year for the life of the mortgage.
Eligibility
- Income limits: Non-Targeted Area: $117,300 for 1-2 persons, $134,895 for 3+ persons. Targeted Area: $140,760 for 1-2 persons, $164,220 for 3+ persons.
- First-time buyer required: Yes — Must not have owned a principal residence in the last 3 years, unless purchasing in a Targeted Area or as a Qualified Veteran.
- Geographic restrictions: Must purchase within the City of Garland.
How to Apply for Garland HFC MCC with Down Payment Assistance Program
Step 1: Contact a Garland HFC approved lender to begin the process. Lenders must be approved by Hilltop Securities to participate. For more information, contact the Garland Housing Finance Corporation at (972) 205-2130 or Hilltop Securities at (214) 953-4176.
Notes
Program includes both DPA and a Mortgage Credit Certificate (MCC). Program costs include a $100 MCC application fee, $250 closing package review fee, and 1% MCC issuance fee, which can be paid by buyer, seller, lender, or rolled into the loan.