Pennsylvania Home Buyer

Venango County First Time Home Buyer Program


Nice house with sold signClosing 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.


Check markAre 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.

Check markWill you occupy the home located in Venango County as your principal residence?

Check mark Will you purchase a single family home?

Check markCan 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.

Additional:
Proof of income for all household members include all the following (if applicable)

  • A minimum of 3 payroll check stubs,
  • A minimum of 3 direct deposit statements
  • A printout verifying child support for a period of one year,
  • W-2 forms
  • tax returns
  • 1099 forms,
  • A letter from the Social Security Administration listing ssi payments for a full year.

Venango County Home Buyer and Credit counseling Programs

FREQUENTLY ASKED QUESTIONS:

Do you have to pay for a good faith estimate?

No. Any banker or mortgage lender will provide you with a good faith estimate of settlement charges

How does a mortgage work?

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.

How to calculate mortgage payment?

Use the loan payment calculator to estimate the monthly mortgage payment.

What is the gfe?

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.







How much does it cost to buy a house in Pennsylvania?

Use the PA mortgage calculator to estimate the down payment, closing costs and monthly payment for FHA, VA, USDA & conventional loans.Closing cost calculator


First time home buyer classes listed by county



Learn about Pennsylvania's home buying programs. Read more

phfa logo