First Time Homebuyers Assistance and Educational Program (FTHB) - CDBG

First Time Homebuyers Assistance and Educational Program (FTHB) - CDBG is a forgivable loan for homebuyers in Plano, Texas. City of Plano FTHB CDBG-tier: up to $10,000 forgivable second mortgage at 0% interest for first-time homebuyers in Plano city limits. 5-year affordability period. 80% AMI ceiling. Max purchase $418,000. 620 FICO (govt) / 700 FICO (conv). City of Plano's First Time Homebuyers Assistance and Educational Program (FTHB) - CDBG tier provides up to $10,000 in down payment and closing cost assistance to first-time homebuyers purchasing primary residences within Plano city limits. CDBG-funded. Structured as a 0% interest deferred forgivable second mortgage with 5-year affordability period (prorata forgiveness). Pairs with FHA, VA, USDA, or conventional 30-year fixed first mortgage. 80% AMI ceiling. Maximum purchase price $418,000. Funding comes from Federal.

First Time Homebuyers Assistance and Educational Program (FTHB) - CDBG is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Deferred 0% second mortgage forgiven prorata over 5 years (20% per year). If property is sold, refinanced (cash-out), transferred, or vacated as primary residence before 5-year anniversary, unforgiven balance becomes due in full. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

First Time Homebuyers Assistance and Educational Program (FTHB) - CDBG is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer required (no ownership in past 3 years). Veteran exception per HUD rule. On credit, the program states: 620 minimum FICO for FHA/VA/USDA government loans; 700 minimum FICO for conventional loans. A homebuyer education course is required, through HUD-approved 8-hour homebuyer education required. Local providers include Frameworks CDC, TSAHC network, and other HUD-approved counseling agencies in Collin County and DFW MSA. Residency requirement: Property must be located in the City of Plano city limits and occupied as primary residence throughout 5-year affordability period. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays. Property must be located in the City of Plano city limits. First-time homebuyer required (no ownership in past 3 years; veteran exception). Household income at or below 80% AMI for Dallas-Fort Worth-Arlington MSA. Mandatory 8-hour HUD-approved homebuyer education class. Minimum $1,000 borrower contribution. 620 FICO (govt loans) / 700 FICO (conventional) minimum. Property must be a single-family detached, condominium, or townhouse used as primary residence. 30-year fixed-rate first mortgage required.

First Time Homebuyers Assistance and Educational Program (FTHB) - CDBG limits household income to 80% of the area median income, which varies by county and household size. 80% AMI for Dallas-Fort Worth-Arlington MSA per HUD; 1-person $61,800 / 4-person $88,300 / 8-person $116,500 (2025 limits). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

First Time Homebuyers Assistance and Educational Program (FTHB) - CDBG caps the purchase price at $418,000. Eligible property types include Single-family detached, condominium, townhouse, PUD. Must be primary residence. New construction is eligible. Manufactured homes are not eligible.

First Time Homebuyers Assistance and Educational Program (FTHB) - CDBG names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

First Time Homebuyers Assistance and Educational Program (FTHB) - CDBG serves homebuyers purchasing in Plano, Texas.

Applications for First Time Homebuyers Assistance and Educational Program (FTHB) - CDBG go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Reserved by participating lender through City of Plano Community Services. Funds available on first-come, first-served basis subject to annual CDBG allocation. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.