The Pennsylvania First-Time-Homebuyer-Assistance-Program (234.7 KiB) is a program designed to help first-time homebuyers in the state of Pennsylvania purchase a new home. The program provides financial assistance in the form of grants, loans, and down payment assistance to eligible applicants. The program is open to all first-time homebuyers who meet the eligibility requirements, regardless of their income or credit score. The program offers three types of assistance: grants, loans, and down payment assistance. Grants are awarded on a competitive basis and can be used for closing costs, down payment assistance, and other expenses associated with the home purchase. Loans are available in low-interest rates and deferred repayment options. Down payment assistance is available as a lump sum or a deferred loan. In addition to financial assistance, the program also provides education and counseling services to help first-time homebuyers understand the home buying process and make informed decisions. The program also offers educational seminars and homebuyer workshops to help first-time homebuyers understand their options. The Pennsylvania First-Time-Homebuyer-Assistance-Program (234.7 KiB) is administered by the Pennsylvania Housing Finance Agency.
Pennsylvania First-Time-Homebuyer-Assistance-Program (234.7 KiB)
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FAQ
The City of Philadelphia's Division of Housing and Community Development (DHCD) supports the City of Philadelphia's Philly First Home program. This program offers a home buyer assistance grant of up to $10,000 (or 6% of the purchase price, whichever is less) to help first-time home buyers.
Often, a down payment for a home is expressed as a percentage of the purchase price. As an example, for a $250,000 home, a down payment of 3.5% is $8,750, while 20% is $50,000.
To be considered a first-time home buyer, you must not have owned your primary residence during the past three years. Veterans or buyers in certain target counties don't have to meet first-time home buyer restrictions to take advantage of PHFA programs.
What income is required for a 400k mortgage? To afford a $400,000 house, borrowers need $55,600 in cash to put 10 percent down. With a 30-year mortgage, your monthly income should be at least $8200 and your monthly payments on existing debt should not exceed $981. (This is an estimated example.)
FHA loans require as little as 3.5 percent, and VA loans and USDA loans have no down payment requirement at all.
The Downpayment Toward Equity Act provides eligible first-time home buyers up to $25,000 cash for down payment on a home, closing costs on a mortgage, interest rate reductions via discount points, and other home purchase expenses. As of June 1, 2023, the program requires that home buyers: Be a first-time home buyer.
PA home buyer stats ?Minimum? down payment assumes 3% down on a conventional mortgage with a minimum credit score of 620. If you're eligible for a VA loan (backed by the Department of Veterans Affairs) or a USDA loan (backed by the U.S. Department of Agriculture), you may not need any down payment at all.
While requirements vary between programs, you'll need at least a 620 credit score to qualify for most statewide programs and at least $1,000 of your own funds towards a down payment. (Please note that exceptions apply.) In addition, income and purchase price restrictions apply for some programs.