Closing Costs/Down Payment Assistance For First-Time Home Buyers
Do you want to purchase your first home in Venango County? Have you been approved for a mortgage and need some money for the down payment and or closing costs? Then let's see if the Venango County First Time Home Buyer Program can help you buy your first home.
The program provides eligible applicants with an assistance loan of up to $5,000 or 10% of the purchase price, whichever is less. The Affordable Housing Trust funds are a deferred loan. A second mortgage will be placed on the property with no forgiveness during the first five years of ownership. Any transfer of the property during the five-year period from the date of the mortgage shall require that the money be repaid in full immediately to the Affordable Housing Trust. In the event of a refinancing of any prior indebtedness, a request for subordination shall be evaluated on a case-by-case basis.
Are you a first time home buyer? A first time home buyer is someone who has not owned a home in the past three (3) years.
Will you occupy the home located in Venango County as your principal residence?
Will you purchase a single family home?
Can you contribute a minimum of two (2%) percent of the purchase price from your checking, savings or another account?
Total income of all household members cannot exceed 100% of the median
household income for Venango County and it cannot be lower than the Low-Income
maximum as adjusted annually.
Household income limits must meet the The Applicant’s debt to gross income ratio may not exceed 28 percent.
Proof of income for all household members include all the following (if applicable)
FREQUENTLY ASKED QUESTIONS:
No. Any banker or mortgage lender will provide you with a good faith estimate of settlement charges
The word mortgage is a fancy name for “loan”. After signing a sales contract
for the purchase of a home, most homebuyers apply to a bank or a mortgage
company to obtain a loan/mortgage.
The lender will request your most recent paystubs, your most recent bank statements, your employment history and maybe your first born too. The reason for the extensive documentation is that there is a lot of money at stake and the lender has to feel good about lending you a larges sum of money.
Use the loan payment calculator to estimate the monthly mortgage payment.
GFE is slang for “good faith estimate”. Lenders are now required to provide you with a good faith estimate (gfe) within 3 days of loan application.