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.

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

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.

Plano First-Time Homebuyers Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: 3+ years since last ownership. The program lists a minimum credit score of 620. A homebuyer education course is required. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Within Plano city limits; first-time homebuyers or haven't owned home in last 3 years; income eligible.

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.

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

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

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. 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.