The City of Frisco has a very attractive down payment program to assistant the City of Frisco Employees and Frisco ISD Employees with the purchase of their first home. It's a FORGIVABLE loan for qualified buyers for $5,000.00 that can be used for:
- Down Payment
- Closing Cost and
- Pre-Paids
The loan has a zero percent interest rate and is forgiveable if you own the property for at least five years. If you sell the home before the five year period you will have to pay back that portion. However, each year you live in the home $1000.00 is forgiven. During the five year period the home must remain as your homestead.
Qualifications for the Frisco Down Payment Assistance Program:
- Income limit for 1 -2 person household $66,500.
- For a household greater than 3 income level $76,475.
- Home Purchase Price not to exceed $170,000.
- At east one adult household member is a full time employee, for at least 6 months with City of Frisco or with the Frisco ISD.
- First Time Home buyer, have not owned a home in three years (other exceptions apply)
- Be able to have at least 1% of own funds into the deal.
- Purchase a home within the city limits of Frisco.
- Attend a home buyer education course and counseling session.
- Primary Residence
- All of above items are reviewed by the housing authority of Frisco for final approval
If you have more questions or needing to get started with the process, please call Stephanie Stringer at 469-556-0894.
Comments(0)