Bucks county first time home buyer grant

Nice 2-story homeIf you're looking to purchase a house in Bucks County, you should be aware of the Bucks County First Time Home Buyer Program.
Bucks County Housing Group offers qualified homebuyers a zero-interest loan for down payment and closing costs.The maximum borrowing amount is $10,000.

The assistance loan sits silently behind beneath the initial mortgage and does not need a monthly payment. The assistance loan will be returned when:
1) The incurring of more debt.
2) the transfer of legal or equitable title to the property; or
3) the sale of the property

Unacceptable first mortgages include:

1. Interest only mortgages
2. No-Doc Loans or "Stated Loans."
3. Adjustable-rate loans (with the exception of the USDA Rural Housing Direct Loan (502), if the transaction satisfies all other program requirements).

The FHA 203 (b) single-family loan limit is the maximum amount that a house buyer may spend on the acquisition of a single-family residence.   Debt to Income calculator

Except for VA loans, prospective homebuyer(s) must pay a minimum of 3% of the purchase price (i.e. sales price $100,000 X 3% = $3,000).

To qualify for a mortgage, applicants must have good credit and a solid employment history.

Applicants must have one of the following residence requirements:

  1. If one or more of the adults is serving in the military, the residence requirement is lifted.
  2. At least one of the candidates must have lived in Bucks County for six months; alternatively,
  3. one of the applicants must have worked continuously in Bucks County for at least one year; and/or

Previous Ownership
1. This program may only be used once per adult.
2. The applicant must not have been a homeowner within the last three (3) years.
3. Cannot own any other real estate.

The residence must be in Bucks County.

Inspections and certifications:
a. If they are requirements of the initial mortgage, certifications are not needed.
b. Flood certification
c. Disclosure of lead paint (if the property was built prior to 1978)
d. Appraisal - A state-licensed real estate appraiser is required. e. Home inspection by a qualified home inspector.

The household income of a prospective home buyer must be under the HUD median income guidelines for Bucks County.

Exceptions to the program will be considered on a case-by-case basis.

Exceptions must be requested in writing, explaining the specific difficulties and reason for the exception. Within 10 days, the Department Director will respond in writing. 

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