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:
1. Must have a working smoke alarm;
2. May not be located in a flood-prone area; and
3. If built before 1978, pass a City lead-based paint test.
Are there additional Program requirements?
Yes. Program participants must:
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 p.m. Please check the City of Plano Calendar for this month’s class. You must pre-register for the class.
The only cost is a $15.00 charge for the workbook. Spanish course books and translators are available.
First Time Homebuyer Application
Still have questions?
Call Terrie Monroe at 972-941-7151 for program information and current class schedule. terriem@plano.gov
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The City of Plano Promotes Equal Housing Opportunities in accordance with the Federal Fair Housing Law.