Beaver County - First Time Home Buyer Program

Nice suburban houseQualified 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.

Beaver County offers down payment and closing-cost assistance to first-time home purchasers with low to moderate incomes.

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