Plano First-Time Homebuyers Assistance Program

What is Plano First-Time Homebuyers Assistance Program?

Plano First-Time Homebuyers Assistance Program is a forgivable loan for homebuyers in Plano, Texas.

• City of Plano First-Time Homebuyers Assistance Program provides 0% interest forgivable loans for down payment and closing cost assistance to income-qualified first-time homebuyers purchasing homes within Plano city limits. Funded by CDBG (up to $10,000) and HOME (up to $55,000) programs, assistance is forgiven after meeting affordability period requirements.
• Up to $55,000 for down payment and closing costs as a 0% interest forgivable loan.
• income-based tiers funded by HUD CDBG and HOME programs.
• CDBG tier up to $10,000 for households at or below 80% AMI.
• HOME Tier 1 up to $55,000 for households at or below 60% AMI.
• HOME Tier 2 up to $45,000 for households between 61-80% AMI.
• loan forgiven after 15-year affordability period.
• eligible for FHA, VA, USDA, and Conventional loans.
• Funding comes from Federal.

How much assistance does it provide?

Plano First-Time Homebuyers Assistance Program offers between $10,000 and $55,000 in assistance, depending on the award tier a buyer qualifies under.

• Award tier “CDBG - Up to 80% AMI” — up to $10,000. Who qualifies: Households at or below 80% AMI; funded by CDBG program.
• Award tier “HOME Tier 1 - Up to 60% AMI” — up to $55,000. Who qualifies: Households at or below 60% AMI; funded by HOME program.
• Award tier “HOME Tier 2 - 61-80% AMI” — up to $45,000. Who qualifies: Households between 61-80% AMI; funded by HOME program.
• The program asks buyers to contribute $1,000.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Plano First-Time Homebuyers Assistance Program is a forgivable loan, so the balance is forgiven once the program's conditions are met.

• Repayment is triggered by Sale, Refinance, No Longer Primary, and Transfer of Title.
• 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.

Who qualifies?

Plano First-Time Homebuyers Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Plano First-Time Homebuyers Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• 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.

What kind of home can it be used for?

Plano First-Time Homebuyers Assistance Program can be used for Single Family, Condo, and Townhouse.

Where does it apply?

Plano First-Time Homebuyers Assistance Program serves buyers purchasing in Plano, Texas.

How do you apply?

Applications for Plano First-Time Homebuyers Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.