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First-Time Homebuyer Programs in Frisco, TX

Population 236,955 · Updated November 2026

Estimated Median Home Price

$305,000

Moderate

Based on Texas market data and city size. Actual prices vary by neighborhood.

Affordability Snapshot

Est. Monthly Payment
$2,420/mo

P&I $1,860 + Tax $458 + Ins $102

Property Tax Rate
1.8%

$5,490/yr in Texas

FHA Loan Limit
$498K

Standard limit in Texas

Down Payment Breakdown

For a $305,000 home in Frisco:

FHA Loan (3.5% down)

Min. 580 credit score

$10,675

Conventional (5% down)

Min. 620 credit score

$15,250

VA / USDA (0% down)

Veterans / eligible rural areas

$0

Plus closing costs of $6,100 - $15,250 (2-5%)

Texas Homebuyer Programs

My First Texas Home

Below-Market Rate Mortgage + DPA
Below-market rate + up to 5% DPA

Texas Department of Housing and Community Affairs provides a below-market rate mortgage with up to 5% of the loan amount in down payment and closing cost assistance.

Homebuyer Assistance Program (HAP)

Down Payment Assistance
Varies by area (up to $20,000 in some cities)

Local HAP programs across Texas provide forgivable loans for down payment and closing costs. Amount varies by city and county.

Federal Loan Programs

ProgramDown PaymentCredit ScoreEligibility
FHA3.5%580+ (3.5%) or 500+ (10%)All buyers
Conventional3-5%620+All buyers
VA0%No minimum (most lenders want 620+)Veterans, active military, surviving spouses
USDA0%640+ (most lenders)Eligible rural/suburban areas, income limits

FHA loan limit in Texas: $498,257. Rates and requirements as of 2026.

7 Steps to Buying Your First Home in Frisco

1

Check your credit score

FHA requires 580+ for 3.5% down; conventional needs 620+. Free annual reports at AnnualCreditReport.com. Frisco has 6 HUD-approved counseling agencies that offer free credit counseling.

2

Get pre-approved (not just pre-qualified)

Pre-approval involves a full credit check, income verification, and asset documentation. It tells sellers you are a serious buyer with confirmed financing. Pre-qualification is just an informal estimate.

3

Apply for Texas assistance programs

Texas offers 2 homebuyer programs that can reduce your down payment or closing costs. Apply before you start house-hunting — some programs take 2-4 weeks to process.

4

Find a buyer's agent

A buyer's agent represents your interests and is typically paid by the seller. Look for agents who know the Frisco market and have experience with first-time buyers and DPA programs.

5

House hunt with your budget

With a median price of $305,000 in Frisco, your total monthly housing cost would be approximately $2,420/month. Most lenders recommend keeping housing costs below 28% of gross income.

6

Make an offer and get an inspection

Your agent helps structure the offer. Always get a home inspection ($300-$500) — it can reveal costly problems. In competitive markets, resist pressure to waive the inspection contingency.

7

Close on your home

Closing typically takes 30-45 days after an accepted offer. Budget $6,100-$15,250 for closing costs. Review all documents carefully at closing — you have 3 days to review the Closing Disclosure before signing.

HUD-Approved Housing Counselors in Frisco

Approximately 6 agencies offer free homebuyer education and credit counseling

First-Time Homebuyer Facts

Median Buyer Age

36 years

National Association of Realtors, 2025

Avg. Down Payment

8%

National Association of Realtors, 2025

Use DPA Programs

40% of first-time buyers

National Association of Realtors, 2024

Closing Costs

2-5% of purchase price

Consumer Financial Protection Bureau

Frequently Asked Questions About Buying in Frisco

What first-time homebuyer programs are available in Frisco, TX?
Texas offers 2 state-level homebuyer assistance programs: My First Texas Home, Homebuyer Assistance Program (HAP). In addition, federal programs including FHA (3.5% down), VA (0% down for veterans), and USDA (0% down in eligible rural areas) are available to Frisco buyers.
How much do I need for a down payment on a home in Frisco?
Based on the estimated median home price of $305,000 in Frisco: an FHA loan requires $10,675 (3.5%), a conventional loan requires $15,250 (5%), and VA/USDA loans require $0 down. About 40% of first-time buyers use down payment assistance programs to reduce these amounts.
What is the estimated monthly mortgage payment in Frisco?
For the estimated median home price of $305,000 in Frisco with an FHA loan (3.5% down, 6.5% interest rate, 30-year term), the estimated principal and interest payment is approximately $1,860/month. Add property taxes (1.8% in Texas), homeowner's insurance, and mortgage insurance for the full monthly cost.
What credit score do I need to buy a home in Frisco?
FHA loans require a minimum 580 credit score for the 3.5% down payment option (or 500 with 10% down). Conventional loans typically require 620 or higher. Higher scores qualify for better interest rates. Free credit counseling is available through the 6 HUD-approved housing counseling agencies in the Frisco area.
What are closing costs for buying a home in Frisco, TX?
Closing costs in Frisco typically range from $6,100 to $15,250 (2-5% of the purchase price). These include lender fees, title insurance, appraisal, recording fees, and prepaid property taxes. Some Texas DPA programs also cover closing costs.

Homebuyer Programs in Other Texas Cities

Houston$440,000
High Cost
San Antonio$450,000
High Cost
Dallas$460,000
High Cost
Fort Worth$375,000
Moderate
Austin$400,000
High Cost
El Paso$360,000
Moderate
Arlington$260,000
Moderate
Corpus Christi$260,000
Moderate
Back to Frisco overviewAll homebuyer programsFrisco safety data

Home prices are population-based estimates and may not reflect current market conditions. Program details, eligibility requirements, and amounts are approximate and subject to change. Contact your state housing finance agency or a HUD-approved counselor for current information. This page is for informational purposes only and does not constitute financial advice.

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