When it comes to the purchase of a home, there are many people who struggle to cover the costs associated with the down payment and closing costs. For those residents of the Dallas area, there is a mortgage assistance program that can help. The Dallas Mortgage Assistance Program (DMAP) is a program created by the City of Dallas to provide down payment and closing cost assistance to eligible homebuyers.
The DMAP offers up to $25,000 in assistance for qualified buyers. To be eligible for the program, applicants must meet certain income and purchase price requirements, as well as complete homebuyer education. The assistance is in the form of a deferred loan, meaning that the loan does not need to be repaid until the borrower sells or refinances the property.
In order to qualify for the DMAP, applicants must meet certain criteria. They must be first-time homebuyers, and their household income must be at or below the median income for the area. The purchase price of the home must also be within the median price for the area. Additionally, applicants must complete a homebuyer education course and obtain a certificate of completion.
Once applicants have met all of the eligibility requirements, they can submit an application to the City of Dallas. The city will review the application and determine if the applicant is eligible. If so, the applicant will receive a loan package to review and complete. Once the loan package has been completed and returned, the loan can be approved and funds released to the lender.
For those who are looking to purchase a home in the Dallas area, the DMAP can be a great resource. It provides a way to cover the costs associated with purchasing a home, which can make it easier for people to become homeowners. If you think you may qualify for the DMAP, contact your local City of Dallas office for more information.