Chester County: First Time Home Buyer Program
If you want to purchase a house in Chester County, you're in luck since the county offers a fantastic financing program for first-time home buyers. For the purchase of a house in Chester County, the county provides a closing-cost assistance loan of up to $5,000.
Closing-cost assistance may be "combined" with most mortgages (including USDA, FHA, and Fannie Mae), including a Pennsylvania Housing Finance Agency mortgage (PHFA). It is possible to own a home in Chester County for as little as $1,000!
When the house is transferred, sold, or refinanced, the
assistance loan is repaid.
The size of the loan is determined by the applicant's financial
necessity. And here's the greatest part: there's no interest to pay!
Eligibility
To be eligible for the Chest County assistance loan, the home-buyer(s)must:
- Not have owned a home in the past 3 years or be a displaced
homemaker.
- Be able to obtain a 30-year, fixed-rate loan from a mortgage
lender;
- Occupy the home as your primary residence;
- Meet the income limits for Chester County
- Be 18 years of age or older;
Buyer Cash Contribution
Maximum allowable down payment 20% (Minimum LTV 80%);
At least $1,000 towards the purchase of the home plus 2 mortgage payments
in the bank.
Liquid assets (i.e. checking, savings, and investment accounts) of
the borrower
after settlement cannot exceed $10,000.
Property Types
Eligible Properties must:
- Have a purchase price that does not exceed
FHA loan limits for Pennsylvania.
- Meet HUD lead-based paint guidelines and housing quality standards;
- Be attached, detached, semi-detached, or condominiums;
- Be newly constructed or existing single-family residences within Chester County;
Eligible Loan Programs - Conventional home-loan, FHA Loan, USDA home-loan
Credit Counseling & First Time Home Buyer Classes in Chester County PA
SOURCE:
Recommended Reading
PHFA: Keystone Flex Loan Program
PHFA: Keystone Forgivable in Ten Years Loan Program (K-fit)
PHFA: Keystone Government Loan Program
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