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The City of Plano's First Time Homebuyers Assistance and Educational Program helps individuals afford down payment and closing costs with deferred-payment loans.

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First Time Homebuyers Assistance and Educational Program

Funded by HUD, the City of Plano's First Time Homebuyers Assistance and Educational Program (FTHB) helps potential homebuyers offset the upfront costs of the mortgage process with down payment and closing cost assistance.

Available Assistance
The City of Plano's First Time Homebuyers Assistance and Educational Program (FTHB) helps eligible, low- and moderate-income individuals buy a home in Plano by providing down payment and closing costs assistance in the form of deferred-payment loans.

The program offers applicants two assistance options:
1. Community Development Block Grant (CDBG) funding, not to exceed $10,000. This is a zero-interest, zero-APR, deferred loan, with a second lien position with a 5-year affordability period.
 
2. HOME Investment Partnerships Program (HOME) funding, not to exceed $55,000. It is also a zero-interest, zero-APR, deferred loan, with a 30-year shared equity agreement.

Eligibility Requirements
FTHB is available exclusively to first-time homebuyers; those who have owned a home in the previous three years are not eligible. All applicants must be U.S. citizens or permanent resident aliens, with a total household income at or under 80% of the area median income (limits shown below). Their cash assets must fall under the set limit of $30,000.  The borrower and their spouse must have a minimum credit score of 620. Borrowers must also contribute a minimum of $1,000 toward the down payment or pay for closing costs. Gift funds can be used to meet this requirement, but borrowers must make a minimum of $500 contribution in such cases. It is required that the primary borrower be employed for at least one year. Applicants with less than six months of employment with their current employers must prove that they were working in the previous 12 months. Additionally, all borrowers are required to attend an 8-hour First Time Homebuyer class held by the City of Plano, and they must receive housing counseling by a HUD-approved agency.

Property Guidelines
Any home purchased with funds from FTHB must be a single-family home, townhome, or condominium, located in the city limits of Plano. The property must be insurable, free from hazardous living conditions, and meet federal EPA regulations, including lead-based paint testing, and federal relocation regulations. It must also fall under the following value limits set by HUD: 

1-unit: $273,000
2-unit: $349,000
3-unit: $423,000
4-unit: $523,000
 
Income Limits
1-person household: $46,550
2-person household: $53,200
3-person household: $59,850
4-person household: $66,500
5-person household: $71,850
6-person household: $77,150
7-person household: $82,500
8-person household: $87,800

Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.
 

First-Time Home Buyer Programs in Texas

The City of El Paso's First Time Homebuyer Program offers low-interest loans to help first-time homebuyers achieve their dreams of purchasing a home.

The City of Plano's First Time Homebuyers Assistance and Educational Program helps individuals afford down payment and closing costs with deferred-payment loans.

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First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

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