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City of Dallas Homebuyer Assistance Program (DHAP)
Loan Application
NOTICE OF FUNDING LIMITATION
Submission of a loan application for assistance through DHAP does not constitute a commitment or obligation on the part of the City of Dallas. No
commitment is made or to be implied until City of Dallas has approved, in writing, funding of each application. Due to funding limitations, no applicant
should assume any commitment even when an applicant must expend personal funds in order to meet application requirements.
The applicant has read and understands the information provided above.
Borrower Initials _______ Co-Borrower/NPSInitials _______
FUND DISCLOSURE - FEDERAL FUNDS
DHAP provides down payment and closing cost assistance to eligible homebuyers whose gross household income is between 6
0% and 80% of the Area
Median Income as defined by HUD for purchasing a property within the city limits of Dallas for Existing Homes and New Construction Properties. The actual
amount of the assistance provided will be determined based on need and may not exceed the following limits ($60,000 – High Opportunity Areas, $40,000 – all
other areas of Dallas. The applicant must have an executed real estate sales contract and mortgage lender approval for a first lien mortgage loan. The
assistance is a second lien forgivable deferred loan, interest-free with no monthly payments, prorated based on the affordability period (residency term of the
loan). Partial repayment is due upon sale, lease, lease with option to purchase, transfer or other disposition (including contract for deed) of the property. The
household and the property must meet all DHAP and MHS requirements prior to loan closing.
DHAP provides down payment and closing cost assistance to eligible targeted occupation homebuyers whose gross household income is between 60% and
120% of the Area Median Income as defined by HUD for purchasing a property within the city limits of Dallas. The actual amount of the assistance provided will be
determined based on need and may not exceed $45,000. The applicant must have an executed real estate sales contract and mortgage lender approval for a first lien
mortgage loan. The assistance is a second lien forgivable deferred loan, interest-free with no monthly payments, prorated based on the affordability period
(residency term of the loan). Partial repayment is due upon sale, lease, lease with option to purchase, transfer or other disposition (including contract for deed) of the
property. The household and the property must meet all DHAP and MHS requirements prior to loan closing.
AFFORDABILITY PERIOD (RESIDENCY TERMS)
Homebuyer assistance with HOME Investment Partnership funds under $15,000 will be subject to a five (5) year affordability period. The homebuyer shall, at all
times, maintain the property as his/her primary residence during such five (5) year affordability period.
Homebuyer assistance with HOME Investment Partnership funds of $15,000 to $40,000 will be subject to a ten (10) year affordability period. The homebuyer shall, at
all times, maintain the property as his/her primary residence during such ten (10) year affordability period.
Homebuyer assistance with HOME Investment Partnership funds of more than $40,000 will be subject to a fifteen (15) year affordability period. The homebuyer shall,
at all times, maintain the property as his/her primary residence during such fifteen (15) year affordability period.
Targeted Occupation Homebuyer assistance of up to $45,000 will be subject to a five (5) year affordability period. The homebuyer shall, at all times, maintain the
property as his/her primary residence during such five (5) year affordability period.
Homebuyers will be required to sign homebuyer written agreements with the City of Dallas. The agreements will disclose the determined amount of assistance
provided, affordability period and other requirements to fulfill in the receipt of homebuyer assistance.
The applicant has read and understands the information provided above.
Borrower Initials _______
Co-Borrower/NPS Initials _______
MINIMUM HOUSING STANDARDS REVIEW
The goal of the DHAP is to provide decent, safe, and sanitary housing. The City has set forth basic Minimum Housing Standards (MHS) that all units must satisfy
prior to the completion of the home purchase. The primary objective of these standards is to assure a basic level of acceptable housing and to establish minimum
criteria. These requirements focus on health and safety concerns and the functionality of systems. Authorized representatives of the City of Dallas must make a
determination of the structures' MHS acceptability, regardless of the participant's possible willingness to accept any deficient condition. MHS review results may not
be relied upon by the applicant, for anything other than satisfying DHAP requirements. The City of Dallas does not warranty or guarantee any repair, hidden
deficiency or adverse condition of the property.
It is highly recommended that applicants obtain a Texas Real Estate Commission (TREC) property inspection, but it is not a requirement to access DHAP.
Information obtained in the TREC inspection does not have any bearing on the DHAP application. TREC inspections are much more detailed than MHS reviews and
result in a contractual relationship between the the TREC inspector and the applicant. Should an applicant elect to obtain a TREC inspection, they may select any
TREC licensed inspector. Should questions surface about information contained in such TREC inspection, before or after the purchase of the home, the matter
should be resolved between the TREC inspector and the applicant. It is not the responsibility of the City of Dallas to address such questions or resolve any issues
associated with a TREC inspection.
The applicant has read and understands the information provided above.
Borrower Initials _______
Co-Borrower/NPS Initials _______
APPLICATIONCERTIFICATION
Applicant certifies that he/she has read all of the above and that all information provided to the City of Dallas is true, correct, and complete to the best of the
Borrower Signature: __________________________ Date: _____ Co-Borrower/NPS Signature-: ______________________
Date: _________
applicant's knowledge and belief. The applicant authorizes the City of Dallas to contact any source to solicit and/or verify information necessary for any eligibility
determination for the purpose of DHAP. The applicant certifies that applicant is the buyer of the property to be purchased and that the property will be the
applicant's principal residence immediately upon closing.
I understand that any discrepancy or omission in the information I have provided may disqualify me from participation in DHAP. If discrepancies or
omissions are discovered after any loan or assistance is approved or granted to me, I understand that the full balance of the assistance received shall
immediately become due and payable.
FUND DISCLOSURE - TARGETED OCCUPATION HOMEBUYER ASSISTANCE
DHAP Program Year 2020 - 2021
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