Waco Down Payment Assistance
Discover how Waco-area home buyers can receive up to 5% in down payment and closing cost assistance through Texas state programs.
Population
142,034
Median Home Price
$235,000
Median Income
$44,080
DPA Available
Up to 5%
Down Payment Assistance in Waco, Texas
Waco has experienced a renaissance driven by Baylor University, the Magnolia phenomenon, and its central location between Dallas and Austin. With a median home price around $235,000, Waco offers affordable housing with growing amenities.
McLennan County income limits are straightforward, and Waco's moderate housing costs mean most buyers can access DPA benefits. The city has attracted remote workers and families priced out of Austin and DFW who can still reach either metro within 90 minutes.
Baylor University drives much of the local economy, with education and healthcare jobs. L3 Technologies provides aerospace employment, and SpaceX has expanded operations at its Waco facility. The Magnolia Market has transformed downtown and boosted tourism.
Woodway and Hewitt offer suburban living with excellent schools. China Spring and Midway provide rural options while remaining close to city amenities. Historic neighborhoods near Baylor attract faculty and students transitioning to homeownership.
DPA Program Note
Affordable market between Austin and DFW. Growing appeal for remote workers using DPA to buy.
Why Waco for Homeownership?
Key factors that make Waco an excellent market for buyers using down payment assistance.
Baylor University
Magnolia/Fixer Upper phenomenon
Central Texas location
Growing from Austin/DFW overflow
Major Employers in Waco
Waco's diverse economy provides stable employment for home buyers qualifying for DPA programs.
Popular Waco-Area Communities
Explore neighborhoods and suburbs in the Waco metro where DPA programs can help you buy a home.
DPA Eligibility in Waco
Most Waco-area buyers who meet the following criteria can qualify for Texas down payment assistance programs.
- Household income within McLennan County limits (varies by program and family size)
- Minimum credit score of 620 (some programs may allow lower with compensating factors)
- Purchasing a primary residence in the state of Texas
- Completing a HUD-approved homebuyer education course (available online)
- Working with a TDHCA- or TSAHC-approved lender like Cornerstone First Mortgage
- Meeting the purchase price limits for McLennan County (currently up to $472,030 standard or $546,250 in high-cost areas)
Eligibility requirements vary by program. Contact the Cook Brothers Mortgage Team for a personalized eligibility assessment based on your specific financial situation and the Waco area where you plan to buy.
Check Your Eligibility
Answer a few quick questions to see if you qualify
Have you owned a home in the last 3 years?
Waco DPA FAQs
How much down payment assistance can I get in Waco?
Home buyers in Waco can receive up to 5% of the loan amount in down payment assistance through TDHCA and TSAHC programs. On a $235,000 home, that's up to $11,750 in assistance.
What are the income limits for DPA in McLennan County?
Income limits vary by program and household size. McLennan County limits are based on the Waco Area Median Income (AMI). Generally, households earning up to 115% of AMI can qualify. Use our calculator or contact us for current limits.
Do I have to be a first-time buyer to use DPA in Waco?
No! While the TDHCA My First Texas Home program is for first-time buyers, the My Choice Texas Home program and some TSAHC options are available to repeat buyers. If you've owned a home before, you may still qualify for assistance in Waco.
Check Your Eligibility in Waco
Take our free 60-second quiz to see which Texas DPA programs you may qualify for in the Waco area. No credit check required, no obligation.
Cook Brothers Mortgage Team at Cornerstone First Mortgage | NMLS #173855