City of Plano First Time Homebuyer Program
Down Payment Assistance
First Time Homebuyer Program
Location Served: Plano, TX
Provider: City of Plano
Approved Lender: New American Funding – (512) 524-8077
Who is considered a First Time Homebuyer?
- A first time homebuyer is defined as a person who has not owned a home in the past three years.
- A displaced homemaker who previously owned a home with a spouse or lived in a home owned by the spouse.
What are the eligibility requirements?
- Individuals must be making 80% or less of the area’s median income to qualify for the City of Plano’s First Time Homebuyer Program.
- In order to qualify for the City of Plano First Time Homebuyers Program, applicants must be purchasing a home located within the city limits of Plano, TX.
- Single-family residences that are new or pre-owned, attached or detached dwellings are considered eligible property types.
- Lender-approved insurable properties, including condos and town homes, are eligible for the program. HUD foreclosures are also considered an eligible property type.
- Have a working smoke alarm properly installed
- Not be located in a flood-prone area
- Pass a City of Plano lead-based paint test is built before 1978
- Fill out a First Time Homebuyer Application
- Attend a Plano-sponsored, Texas certified homeownership class.
- Not have over $10,000 in cash
All applicants receiving financial benefits must be a US citizen or a Temporary/Permanent Resident Alien as defined by Federal regulations.
What properties are eligible?
The City of Plano has the authority to make funds available for homebuyers purchasing houses that need repairs in the form of low-interest rehabilitation loans.
Are there specific requirements the property meet?
Yes, there are specific requirements for each home purchased. In order to be considered an eligible home, the property must:
Are there any additional Program requirements?
Yes, City of Plano First Time Homebuyer Program participants are also required to:
If you have any additional questions regarding home mortgages, please contact a mortgage expert by filling out the form on the right or calling (512) 524-8077. You can also email Team@CandyBuzan.com.