I'm Bond Peter Njoku (NMLS #2670329) and I help first-time buyers purchase homes in Plano every month. Plano ISD is consistently A-rated by the Texas Education Agency, the Legacy Business District is one of the largest employment centers in North Texas, and home values in Plano have shown long-term stability even through recent market fluctuations. Median home prices run $400,000–$480,000 — above statewide averages — but the 2026 FHA loan limit covers purchases up to $563,500, and Collin County's DPA income limit of $119,700 keeps most two-income Plano households eligible for grant assistance. Knowing which programs you qualify for before you start shopping makes all the difference in a competitive market.
What first-time homebuyer programs are available in Plano TX?
Plano sits in Collin County, which gives buyers access to two major state programs I stack together whenever possible:
TSAHC Home Sweet Texas — a grant of 3–5% of the loan amount that never has to be repaid. There's no second lien, no balloon payment, and no clawback if you sell. On a $420,000 purchase with FHA (3.5% down = $14,700), a 5% TSAHC grant of $21,000 covers the down payment in full and contributes toward closing costs. Requires a 620 credit score and income at or below $119,700 for a Collin County household of 1–4 people.
TDHCA My First Texas Home — up to 5% of the loan as a deferred second loan, with no monthly payment and forgiveness at year 3 if you remain in the home. Same income limit ($119,700 Collin County), same 620 credit score floor, and requires the buyer to be a first-time buyer or a veteran who hasn't owned a home in the past 3 years.
Both programs work with FHA, conventional, and VA loans. The right choice depends on whether you want a grant (TSAHC) or a forgivable loan that can be layered onto a conventional purchase with less than 3% rate impact (TDHCA).
How do loan options compare for Plano first-time buyers?
| Feature | FHA | Conventional | VA |
|---|---|---|---|
| Min down payment | 3.5% | 3% | 0% |
| Min credit score | 580 | 620 | 580 (lender) |
| Monthly MIP/PMI | Yes — life of loan | Until 80% LTV | None |
| 2026 loan limit | $563,500 | $806,500 | No limit |
| Works with TSAHC grant? | Yes | Yes (620+) | N/A (VA already 0 down) |
| DPA income limit (Collin) | $119,700 | $119,700 | No limit applies |
FHA is the most common path for Plano first-time buyers at 580–679 FICO, especially stacked with TSAHC. Buyers at 680+ who want PMI to eventually cancel often choose conventional. Veterans and active duty almost always choose VA — it's zero down with no monthly MIP and no DPA income cap to worry about.
What will my mortgage payment be on a Plano TX home?
At Plano's median of roughly $430,000, here's a breakdown of a 5% down FHA purchase at 7.0% on a 30-year fixed:
- Purchase price: $430,000
- Down payment (5%): $21,500
- Loan amount: $408,500
- Principal & interest: approximately $2,717/month
- FHA annual MIP (0.55%): approximately $187/month
- Collin County property taxes (~1.5%): approximately $538/month
- Homeowners insurance: approximately $150/month
- Total PITI: approximately $3,592/month
With a TSAHC 5% grant ($21,500), the down payment is fully covered. You'd owe estimated closing costs of $7,000–$9,000, which seller concessions (up to 6% with FHA) can offset significantly. I've had Plano buyers close with $3,500 out of pocket by combining the grant with $8,500 in seller credits.
Do I qualify for DPA in Plano TX in 2026?
The income limit for both TSAHC and TDHCA in Collin County is $119,700 for a household of 1–4 people. That's the gross figure — no deductions. If you and your co-borrower earn a combined $85,000–$115,000, you almost certainly qualify.
Last fall I helped a Plano couple — one teacher at Plano ISD and one logistics coordinator — with a combined income of $99,500 purchasing a $418,000 townhome. Their 632 FICO qualified for FHA and for TSAHC's 5% grant, which brought their total down to $0 in down payment. They negotiated $7,200 in seller credits and closed with $4,100 out of pocket — less than most people spend on a month's rent.
What credit score do Plano first-time buyers need?
| Loan Program | Min FICO | Notes |
|---|---|---|
| FHA | 580 | 3.5% down; 500–579 requires 10% |
| Conventional | 620 | 3% down; PMI cancels at 80% LTV |
| TSAHC (DPA grant) | 620 | Paired with FHA or conventional |
| TDHCA (deferred second) | 620 | First-time buyer or veteran |
| VA | 580 (lender min) | 0% down, no MIP |
If your score is currently at 580–619, you qualify for FHA at 3.5% down but won't yet unlock the TSAHC grant. Improving your score by 10–40 points over 60 days can open $12,600–$21,000 in grant money — usually worth the wait. I'll help you decide which path makes more financial sense for your situation.
What is the home buying process for first-time buyers in Plano?
- Pre-approval (same day): I do a soft pull, review income docs and assets, and tell you which DPA programs you qualify for in a 15-minute call.
- Pre-approval letter (1–2 days): Plano realtors expect a letter before showing. Offers without one get skipped in a competitive market.
- Home search (2–8 weeks): Plano inventory has improved from 2022 lows. Most buyers find the right home within 30–60 days.
- Under contract to close (30–45 days): FHA with DPA typically runs 35–45 days. I keep the process moving and your realtor informed at each step.
Plano's market rewards prepared buyers. Having your pre-approval and DPA approval in hand before you make an offer signals to sellers that you're a serious buyer — which matters when there are multiple offers on a home.
Frequently Asked Questions
What first-time homebuyer programs are available in Plano TX in 2026?
I'm Bond Peter Njoku (NMLS #2670329) and Plano buyers have access to TSAHC Home Sweet Texas (3–5% grant, no repayment) and TDHCA My First Texas Home (up to 5% deferred, forgiven at year 3). Both are available with FHA or conventional loans, both require 620 credit and $119,700 or less in household income for Collin County. I stack these programs to minimize what buyers bring to closing — sometimes as little as $3,000–$5,000 total. Call or text 469-545-7180 to get your scenario.
What credit score do I need to buy a first home in Plano TX?
I'm Bond Peter Njoku (NMLS #2670329) and for FHA the floor is 580, but TSAHC's grant program requires 620. Conventional starts at 620 as well. A score of 580–619 still gets you into an FHA purchase — just without the grant layered on top. If you're 10–15 points away from 620, a 60–90 day credit plan often unlocks enough grant money to make the wait worthwhile. Text me at 469-545-7180 and I'll tell you whether to move now or wait.
How much down payment do I need for a Plano TX home?
I'm Bond Peter Njoku (NMLS #2670329) and FHA requires 3.5%, which on a $430,000 Plano home is $15,050. With TSAHC's 5% grant that's fully covered. Add in seller concessions for closing costs and it's possible to close with $4,000–$7,000 out of pocket. The exact number depends on the purchase price, seller negotiation, and whether you're stacking one or two programs. Call me at 469-545-7180 for your specific estimate.
Is Plano TX a good city for first-time buyers in 2026?
I'm Bond Peter Njoku (NMLS #2670329) and Plano is one of the top choices for first-time buyers in the DFW area. The schools are excellent (A-rated ISD), the job market in Legacy Business District is strong, and home values have held up better than most DFW suburbs through recent corrections. The 2026 FHA limit covers up to $563,500, which includes most Plano homes, and the $119,700 Collin County DPA income limit means most moderate-income households qualify for grant assistance. Text me at 469-545-7180 to check your eligibility.
Ready to buy your first home in Plano?
I'm Bond Peter Njoku (NMLS #2670329). I work with Plano first-time buyers daily and know how to stack grant programs to reduce what you bring to closing. Call or text me at 469-545-7180, message me on WhatsApp, or start your pre-approval online.