(FTHB) in Plano, Texas provides eligible low and moderate income households with down payment and closing costs assistance in the form of deferred payment loans. To be eligible, households must have not owned a home in the last three years, have a total household income of 80% or less of the area median income, be a U.S. citizen or permanent resident alien, be employed for at least one year, attend an eight-hour First Time Homebuyer class, receive housing counseling, have cash assets of less than $36,000, have a minimum credit score of 620, have paid off any judgments, and make a minimum of $1,000 contribution toward the down payment or closing costs. Homebuyers have the option to choose between Community Development Block Grant (CDBG) funding with a 0% interest, deferred, forgivable loan of up to $10,000, or HOME Investment Partnerships Program (HOME) funding with a 0% interest, deferred, forgivable loan of up to $55,000. Properties must be single-family homes, townhouses, or condos located in the city limits of Plano, insurable, free from hazardous living conditions, and meet HUD guidelines. Properties built before 1978 must pass a visual lead paint inspection. The 2022 Homeownership Value Limits are set to take effect on October 1, 2022.
Plano Homes