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City of Plano

First Time Homebuyers 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:

     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:

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.