First Time Homebuyers Program

The First Time Homebuyer Program is designed to assist eligible low and moderate income households to buy a home in Plano by providing down payment and closing costs.

Who is a First Time Homebuyer?


  • A potential buyer that has not owned a home in the last three years.
  • In some cases, a First Time Homebuyer can be a displaced homemaker.

How does a First Time Homebuyer Qualify for the assistance?

 
  • Total household income must be 80% or less of the area median income (based on HUD's income eligibility guidelines).
  • Must be a U.S. citizen or a permanent resident alien.
  • Cash assets must be less than $20,000 (not including retirement accounts).
  • Credit scores for everyone on the mortgage must be 620 or higher.
  • Housing ratio of 33% and a debt ratio of 45%.
  • Must attend an 8 hour First Time Homebuyer class held by the City.
  • Must be approved by an in-house underwriting process.
  • Complete the First Time Home Buyers Application.

What Properties are eligible for the program?


  • Properties located in the city limits of Plano.
  • Lender-approved insurable properties, new or pre-owned single family residences, condos, and town homes.
  • Properties that meet local building inspections codes and that are free from hazardous living conditions.
  • Properties that meet federal EPA regulations, including lead based paint testing, and federal relocation regulations. 

Required Homebuyer Class


  • All applicants, spouses and any other person whose income is used to qualify for the mortgage must attend the 8 hour Homebuyer Education class.
  • Instructors are certified by the Texas State Affordable Housing Corporation and sponsored by the City of Plano, the City of McKinney, and the City of Frisco. However, the down payment assistance must be applied for and come from the city in which the home is located. 
  • The class is held on the 3rd Saturday of each month (January-November) from 8:30 to 4:30.
  • The address for the class is 7501-A Independence Parkway, Plano, TX 75025.

For more Information


Call the Community Services Division at (972) 208-8150 to register for the class or obtain information about the down payment assistance. 

Note: The City of Plano Promotes Equal Housing Opportunities in accordance with the Federal Fair Housing Law