If you’re a first-time homebuyer in the city of Plano, Texas, you may be eligible for the Plano First-Time Homebuyers Program. This program is designed to assist low-income, first-time homebuyers in the purchase of a single-family residence. It was created to help people who may not have the financial resources to purchase a home without assistance.
The program provides financial assistance in the form of a forgivable loan. The loan amount is up to $25,000, and the loan is due and payable upon sale of the home, or upon transfer of title, whichever occurs first. The loan is forgivable if the borrower continues to live in the home for at least five years.
In order to qualify for the program, applicants must meet certain income requirements. The maximum annual income for a single person must not exceed 80 percent of the median income in Plano. For a family of four, the maximum annual income must not exceed 115 percent of the median income in Plano. In addition, applicants must be first-time homebuyers, meaning they have not owned a home in the past three years.
The program also has several other requirements and restrictions. For example, the home must be located in Plano and must be the primary residence of the borrower. In addition, the purchase price of the home must not exceed $250,000.
The Plano First-Time Homebuyers Program is an excellent opportunity for first-time homebuyers to purchase a home in Plano. It provides financial assistance to help make homeownership a reality for those who may not have the resources to purchase a home without assistance. If you think you may qualify for this program, contact the City of Plano Housing Department to learn more.