Centre County First Time Home Buyer Program

Very nice houseIt may feel as far away as the moon for some individuals when they consider the prospect of purchasing a house. Couple are unable to save enough money for a down payment and closing fees, no matter how hard they try.

If this describes you and you desire to purchase a house in Centre County, the Centre County Commissioners would want to assist you in your endeavor.

If you are purchasing a house in Centre County and meet the eligibility requirements, the Centre County Housing Trust Fund will provide you with a down payment assistance loan of 10% of the sales price or $10,000 (whichever is less).

First Time Home Buyer requirements

The candidate must be a first-time home buyer in order to be considered.
for the grant program; a first-time house buyer is defined as someone who has not owned a home in the preceding three years.

Additionally, a single parent who is lawfully separated from his or her spouse and who has joint or sole custody of one or more minor children may be eligible.

Candidates must be citizens of the United States and residents of or working in Centre County in order to be considered.

Property and liquid assets limits - At the time of application, the buyer's liquid assets (cash and real estate) cannot exceed $15,000, and at settlement, the buyer's liquid assets (cash) cannot exceed $5,000.

  • Homes that are purchased must be located within Centre County.
  • Home-buyers must participate in a home-ownership course.
  • Homes must be inspected by a professional home inspector.
  • Home-buyers must occupy the house as their principal residence.

Income Eligibility - Applicants must meet the income limits for Centre County)

Household SizeIncome

Frequently Asked Questions About the Centre County Home-buyer Program

Q. Is the Centre County program better than the PHFA program?
A. Maybe. The Centre County program is limited to the buyer(s) whose income is at or below the median income based on family size (80%). If the income exceeds the income limits, then the state program is your only choice. However, if you meet the income and other requirements, then the Centre County program might be better, because the assistance loan can be as high as $10,000.

The state program maximum loan amount is $6,000 and requires repayment over a ten-year term.

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