Happy New Year Everyone!
If you’re considering buying a home this year, please take the time to look into the many first-time home buyer programs available in the Philadelphia region. Most funds are limited, so it’s best to start the application process early in the year. All programs have income ceilings, and require the buyer contribute a certain minimum towards their closing costs in order to be eligible for the grant. I’m going to share some links here; all these programs are localized, focused on helping buyers who want to live in a particular city, township or county.
Philadelphia: First Front Door
First Front Door is a grant program available through several smaller lenders in the area. A client of mine was able to receive this grant, along with an excellent deal on a conventional loan, through Fulton Bank. This grant provides up to $5000 towards closing costs, repayable only if you sell the property within five years of purchase. Let me know if you are interested in buying in Philadelphia, and I will give you the contact information for the loan officer we worked with.
Montgomery County First Time Homebuyers Program
The Department of Housing and Development in Montgomery County offers an excellent grant to assist folks who currently live and/or work in Montgomery County to purchase a home. The grant offers 10% or up to $10,000 towards closing costs, and require the buyer to attend a meeting with a credit counselor. Here is the link:http://www.montcopa.org/index.aspx?nid=442
Delaware County: Media Fellowship House
Media Fellowship House offers a first time home buyer’s program that includes several home buying counseling sessions, and a grant of up to $5000 towards closing costs. There are certain restrictions to the program, so please review the program’s web page for full details: http://www.mediafellowshiphouse.org/housing/
Bucks County Housing Trust Fund Program
This somewhat elusive program offers remarkable assistance (up to $10k) and counseling to eligible first-time home buyers in Bucks County. All recipients must complete the First Time Home Buyers course offered by the program, and have their application approved by a board. For more information, please contact the Dept. of Community and Business Development at 1260 Almshouse Rd. in Doylestown, phone number 215-345-3840.
Chester County First Time Homebuyers Program
Like Bucks and Montgomery, Chester County also offers a good program to assist first time homebuyers in their county. Their grant will offer up to $5000 towards closing costs. Here is the link: http://www.housingpartnershipcc.com/first-time-home-buyer-program.html
These programs all require a little extra footwork on the part of the buyer, but their funds can make all the difference when putting together savings towards a new home. If you are planning on buying this spring, please don’t hesitate to contact me. I love house hunting with my clients, and seeing them settled in their dream home!