Beaver County: First Time Home Buyer Program
Qualified
first-time homeowners will be able to get a subordinated (2nd)
mortgage of up to $1,500 to cover their down payment and/or closing
costs.
The grant is a zero-interest, no-monthly payment loan that is
forgiven at a rate of 20% per year for the first five years and then
fully forgiven.
The applicant is required to be at or below 80% of median income for Beaver County. See income limit chart
Applicant must have an acceptable credit and work history to qualify for a mortgage.
Occupancy
The program is available to single-family homes ranging in size from one to four units.If the property includes more than one dwelling unit, homebuyers must live in the house or one of the apartments.
Income, credit, and debt qualification
All applicants must be able to qualify for a mortgage with an interest rate equal to or lower than the current market rate.
Home-buyer counseling
Before signing a sales contract for the purchase of a property, you must complete a home buying and budget counseling program. Prospective home buyers will meet one-on-one with a housing specialist to discuss the significance of excellent credit, budgeting, mortgage financing, and home ownership duties. The counseling session may take a few hours.
Frequently Asked Questions About the First Time Home Buyer Program in Beaver County
Q. Is the Beaver County program better than
the PHFA program?
A. Maybe. The Beaver County program is only
available to buyers whose income is at or below the median income
for their family size (80 percent ).
If your income exceeds the income limitations, the sole option is
the PHFA program. If you satisfy the income criteria, the Beaver
County program may be preferable since the assistance loan is
repayable over a 5-year term. The state program calls for payback
over a ten-year period. There's one more thing to think about.
The county program only gives $1,500, while the state program may
provide up to $6,000 for down payment/closing expenses.
Credit counseling & First Time Home Buyer Classes in Beaver County PA
SOURCE:
Recommended Reading
Monroe County: First Time Home Buyer Programs
Montgomery County: First Time Home Buyer Classes
Montgomery County: First-Time Home Buyer