McKinney affordable housing is in relatively abundant supply. However, a down payment is often the final obstacle that stands between many people and home ownership. Fortunately for those who find themselves in this position, the City of McKinney Homebuyer Assistance Program can help shoulder the burden of down payments and closing costs.
Down Payment Assistance in McKinney
McKinney’s Homebuyer Assistance Program will provide a five-year loan up to $10,000 at 0% interest to be applied to down payments and nonrecurring closing costs. In addition, this loan is forgivable – meaning the loan does not have to be repaid unless the home is sold, paid off, refinanced, or conveyed in some other way within the five year term. So in McKinney affordable housing can often be more affordable than it seems, and once a buyer has located a home they love, they don’t necessarily need to be held back by a lack of up front cash.