The City of McKinney Down Payment Assistance Program provides down payment and closing cost assistance to low-to-moderate-income first-time homebuyers within the City of McKinney. Assistance is provided in the form of up to $7,500 as a 0% interest 5-year forgivable loan for down payment and non-recurring closing costs associated with the purchase of the new home. The loan is repayable only if you refinance, pay off the first mortgage, sell or otherwise convey title to the property within the 5-year period.
These funds are made available through a grant from the Texas Department of Housing & Community Affairs' HOME Investment Partnership Program.
You are Eligible if:
■You are a first-time homebuyer. A first-time homebuyer is an individual or household who has not owned a home in the last three years or is a displaced homemaker.
■You are able to provide proof of U.S. citizenship or permanent legal resident alien status.
■You are able to qualify for a mortgage loan with a private lender.
■You will reside in the home as your principal residence.
■The home is located within the city limits of McKinney, Texas.
■Your income does not exceed 80% of the Area Median Income.
■The home does not cost more than $132,000
■You complete a HUD and City of McKinney approved homebuyer counseling workshop.
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