Montgomery County First Time Homebuyers Program
Available Assistance
The grant amount is based on the financial need of the applicant’s household, selling price of property, and household assets. Assistance up to a maximum of 10% of the estimated affordable sales price for participants, not to exceed $10,000.00. The grant is zero-interest and repayment is due if the home is sold, conveyed, granted, transferred, vacated, abandoned as a primary residence within 15 years from the date of purchase of the property, or used as investment or income producing property.
Eligibility Requirements
All applicants must
- Be a first time homebuyer or not owned a home within the previous three years;
- Have a household income below the area median income;
- Intend to occupy the property purchased as a primary residence;
- Be creditworthy and able to qualify for a mortgage (Conventional, FHA, or VA) at or below the current market rate;
- Currently reside and/or be employed full time within Montgomery County at the time of Program application and closing;
- Complete the required counseling program prior to executing any contract of sale for the purchase of real estate;
- Have a minimum of $3,000.00 liquid assets at the time of application (no gifts of cash or equity permitted towards the first 3%.)
1-person household: $52,950
2-person household: $60,500
3-person household: $68,050
4+ -person household: $75,600
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.
First-Time Homebuyer Programs in Pennsylvania
Upper Darby Township First Time Homebuyer Program
Funded by Community Development Block Grant Funds, Upper Darby Township offers a First Time Homebuyer Program to help potential borrowers purchase their first home.
Washington County Homebuyer Assistance Program
The Redevelopment Authority of the County of Washington has introduced the Homebuyer Assistance Program to help potential, first-time homebuyers by providing financial assistance for the purchase and rehabilitation of eligible housing units.
First Time Homebuyers Education
ACTION-Housing is a HUD-approved counseling agency that understands the gravity of buying a home, and the added stress when buying a first home.
Montgomery County First Time Homebuyers Program
The Montgomery County First Time Homebuyers Program helps low-, moderate-, and median-income families buy their first home in Montgomery County.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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