I'm Bond Peter Njoku (NMLS #2670329) and I help first-time buyers close on homes in Richardson every month. Richardson sits in Collin County, home to the Telecom Corridor employment hub and part of the well-regarded Richardson ISD and Plano ISD school systems, with median home prices running $370,000–$440,000 — more attainable than neighboring Plano or Frisco while still carrying Collin County's higher down payment assistance income limit. Here's what first-time buyers in Richardson need to know for 2026.
What first-time homebuyer programs are available in Richardson TX in 2026?
Richardson buyers have four main paths to homeownership, and I help clients stack them where possible:
TSAHC Home Sweet Texas — a grant of 3–5% of the loan amount, never repaid. Available at a Collin County income limit of $119,700 for a 1–4 person household. Requires 620 FICO minimum. No first-time buyer requirement.
TDHCA My First Texas Home — up to 5% deferred, forgiven at year 3. Same $119,700 Collin County income cap. Requires first-time buyer status or veteran re-entry.
FHA loans — 3.5% down at 580 FICO, or 10% down at scores as low as 500. Stacks with either DPA program above.
Conventional loans — as little as 3% down for qualified first-time buyers with 620+ FICO, with PMI that drops off once you hit 80% loan-to-value — unlike FHA's mortgage insurance, which runs for the life of the loan in most cases.
How do loan programs compare for Richardson first-time buyers?
| Feature | FHA | Conventional | With TSAHC Grant |
|---|---|---|---|
| Min down payment | 3.5% | 3% | 0% out of pocket |
| Min credit score | 580 | 620 | 620 |
| Monthly mortgage insurance | Life of loan | Until 80% LTV | Same as base loan type |
| 2026 loan limit | $563,500 | $806,500 conforming | N/A |
| DPA income limit (Collin) | $119,700 | $119,700 | $119,700 |
| Repayment | N/A | N/A | Never repaid |
The $119,700 Collin County income limit is one of the more generous DPA thresholds in DFW — meaningfully higher than the $97,200 limit that applies just a few miles away in Dallas County. That difference regularly qualifies dual-income Richardson households that would be over the limit elsewhere.
What will my mortgage payment be on a Richardson TX home?
At Richardson's median of roughly $400,000, here's a 5% down FHA purchase at 7.0% on a 30-year fixed:
- Purchase price: $400,000
- Down payment (5%): $20,000
- Loan amount: $380,000
- Principal & interest: approximately $2,528/month
- FHA annual MIP (0.55%): approximately $174/month
- Collin County property taxes (~1.5%): approximately $500/month
- Homeowners insurance: approximately $150/month
- Total PITI: approximately $3,352/month
With a TSAHC 5% grant ($20,000), the down payment is fully covered. Closing costs on a $400,000 Richardson purchase typically run $7,000–$9,500. FHA allows sellers to contribute up to 6% ($24,000) toward closing costs, and I regularly negotiate that into the offer for my Richardson buyers.
Do I need to be a first-time buyer to use TSAHC in Richardson?
No — TSAHC Home Sweet Texas has no first-time buyer requirement, which makes it available even to repeat buyers in Richardson as long as you meet the $119,700 income limit and 620 FICO minimum. TDHCA My First Texas Home does require first-time buyer status (defined as not owning a home in the past three years) or veteran status. I check both programs against your situation before we apply.
Last spring I worked with a couple relocating to Richardson for jobs at one of the Telecom Corridor employers — combined income of $108,000, 645 FICO, targeting a $385,000 townhome near CityLine. Their income fit comfortably under Collin County's $119,700 limit, and we used TSAHC's 5% grant ($19,250) to cover the down payment on an FHA loan. They closed with $2,900 out of pocket after a seller credit covered most of the remaining closing costs.
How do I get started with a mortgage in Richardson?
- Pre-approval call (15 minutes): I review your income against the $119,700 Collin County DPA limit and tell you which programs you qualify for, same day.
- Pre-approval letter (1–2 days): Richardson listing agents expect a letter before scheduling showings, especially on well-priced homes near CityLine or the Telecom Corridor.
- Home search (2–5 weeks): Richardson inventory moves fast in the $370K–$440K range — I coordinate closely with your agent so financing never holds up an offer.
- Under contract to close (30–45 days): FHA with DPA typically runs 35–45 days; conventional closes in 30–40 days.
Frequently Asked Questions
What first-time homebuyer programs are available in Richardson TX in 2026?
I'm Bond Peter Njoku (NMLS #2670329) and Richardson buyers in Collin County have access to TSAHC Home Sweet Texas (a 3–5% grant that's never repaid), TDHCA My First Texas Home (up to 5% deferred, forgiven at year 3), FHA loans down to 580 FICO, and conventional loans from 620 FICO with as little as 3% down. Richardson's Collin County income limit for DPA is $119,700, higher than Dallas County, which means more Richardson households qualify for assistance. Call or text me at 469-545-7180 to see which programs fit your income.
What is the income limit for down payment assistance in Richardson TX?
I'm Bond Peter Njoku (NMLS #2670329) and because Richardson sits in Collin County, the TSAHC and TDHCA income limit is $119,700 for a 1–4 person household — meaningfully higher than the $97,200 limit that applies just across the county line in Dallas County. That higher ceiling means more Richardson buyers, including dual-income households, qualify for grant assistance. Call me at 469-545-7180 and I'll check your household income against the current limit.
How much down payment do I need for a home in Richardson TX?
I'm Bond Peter Njoku (NMLS #2670329) and at Richardson's median price of roughly $400,000, FHA requires 3.5% down ($14,000) and conventional can go as low as 3% ($12,000). A TSAHC 5% grant on the FHA scenario ($20,000) covers the entire down payment with room left for closing costs. Most first-time buyers I work with in Richardson bring $3,000–$6,000 total to closing after stacking a grant with seller concessions. Text me at 469-545-7180 and I'll run your exact numbers.
Is Richardson TX a good market for first-time homebuyers?
I'm Bond Peter Njoku (NMLS #2670329) and yes — Richardson offers strong schools (Richardson ISD and part of Plano ISD), a central DFW location near the Telecom Corridor employment hub, and home prices that are more attainable than neighboring Plano or Frisco. Combined with Collin County's higher $119,700 DPA income limit, Richardson is one of the better-value entry points into Collin County for first-time buyers. Call or text me at 469-545-7180 to talk through your budget and program options.
Ready to buy your first home in Richardson?
I'm Bond Peter Njoku (NMLS #2670329). I help Richardson first-time buyers stack TSAHC and TDHCA grants with FHA and conventional loans to close with the least cash possible. Call or text me at 469-545-7180, message me on WhatsApp, or start your pre-approval online.