What is the affordable housing grant in Philadelphia?

The City of Philadelphia wants you to be a successful homeowner! We are offering a homebuyer assistance grant of up to $10,000 (or 6% of the home's purchase price, whichever is lower) to assist first-time homebuyers reduce the principal, cover down payment and loan closing costs.

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Pennsylvania First-Time-Homebuyer-Assistance-Program-Operating-Procedures-and-Program-Guidelines (308.8 KiB)

Name: Pennsylvania First-Time-Homebuyer-Assistance-Program-Operating-Procedures-and-Program-Guidelines (308.8 KiB)
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Pennsylvania Local County - Lackawanna - Register of Wills

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Pennsylvania

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PA-SKU-1884

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First-Time-Homebuyer-Assistance-Program-Operating-Procedures-and-Program-Guidelines (308.8 KiB)

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Typically, this is either: Your age when you take out a new mortgage, with the limit ranging from around 65 to 80. Your age when the mortgage term ends, with the limit ranging from about 70 to 85.

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 2, 2023, the program requires that home buyers: Be a first-time home buyer.

Requirements 3% minimum down payment. 620 minimum credit score. Income cannot exceed 80% of the Area Median Income (AMI) for your county. Contribute at least 1% of the loan amount or $1,000 (whichever is less).Must attend an approved homebuyer education course (in-person if credit score is below 680)

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.

With conventional loans, a 620 credit score is usually the basic requirement. If you have less-than-perfect credit, FHA loans will likely be a better route. Some FHA lenders will accept credit scores as low as 500, with the tradeoff of making a larger down payment.

The City of Philadelphia wants you to be a successful homeowner! We are offering a homebuyer assistance grant of up to $10,000 (or 6% of the home's purchase price, whichever is lower) to assist first-time homebuyers reduce the principal, cover down payment and loan closing costs.

Federal Housing Administration (FHA) Loans Loans have competitive interest rates and require a down payment of 3.5% of the purchase price for borrowers with FICO® credit scores of 580 or higher. Those with credit scores as low as 500 must put at least 10% down.

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Our homebuyer assistance programs offer zero-interest loans to help with down payment and closing costs or a gap in financing.

Pennsylvania First-Time-Homebuyer-Assistance-Program-Operating-Procedures-and-Program-Guidelines (308.8 KiB)

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What is the oldest age you can get a mortgage?

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What is the affordable housing grant in Philadelphia?

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