Plano Homes with Plano First-Time Homebuyers Program

(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.
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