City of Plano First Time Home Buyer Program
Who is a First Time Homebuyer?
- An individual not having owned a home in the last three years; or
- A displaced homemaker who previously owned a home with a spouse or lived in a home owned by the spouse.
Individuals making at or below 80% of the median Income. Income eligibility guidelines.
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?
- ONLY properties located within the city of Plano limits.
- Single-family residences that are new or pre-owned, attached or detached dwellings.
- Lender-approved insurable properties, including condos and town homes, are eligible. HUD foreclosures are eligible.
In addition, if the purchaser buys a home needing repairs, the City may make available funds for a low-interest rehabilitation loan.
Are there property requirements?
Yes. All homes to be purchased:
- Must have a working smoke alarm;
- May not be located in a flood-prone area;
- If built before 1978, pass a City lead-based paint test.
Are there additional Program requirements?
Yes. Program participants must:
- Must fill out a First Time Homebuyer Application
- Must attend city sponsored, state certified homeownership class.
- May not have cash in excess of $10,000
Required Homebuyer Class:
All applicants, spouses and any other person whose income is used to qualify for the mortgage must attend the City of Plano Homebuyer Education class. Instructors are certified by the Texas Department of Housing and Community Affairs as Homebuyer Education Providers.
This class is usually held on the third Saturday of each month at the Plano Municipal Center, 1520 K Avenue. The class hours are 8 a.m. to 3:30 PM.
To contact a loan expert, use the contact form to the right or call (800) 308-8503.