Venango County First Time Home Buyer Program

House with a sold signAre you contemplating purchasing your first home in Venango County?

Assistance with closing costs and down payments is offered to first-time home buyers.

Are you approved for a mortgage but need money for the down payment and/or closing costs? Then, let's see whether the Venango County First Time Home Buyer Program might assist you in purchase.

A loan of up to $5,000 or 10% of the purchase price, whichever is smaller, is available to qualified applicants. The monies provided by the Affordable Housing Trust are a defered loan.

The property will carry a second mortgage for the first five years of ownership.
Any transfer of the property within five years of the mortgage's date requires that the money be returned in full to the Affordable Housing Trust as soon as feasible.
When previous debts are refinanced, a request for subordination must be considered on an individual basis.

Are you a First Time Home Buyer?
A First Time House Buyer is defined as an individual who has not owned a home in the preceding three (3) years.

Will you live in the Venango County house as your primary residence?

Will you buy a single-family house?

Can you donate at least two (2%) percent of the purchase price from your checking, savings, or other account?

Total household income cannot exceed 100 percent of Venango County's median household income, nor can it be less than the Low-Income limit, which is adjusted annually.

The income limits for households must be met.

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.

Credit counseling & First Time Home Buyer Classes in Venango County PA