Lancaster County First Time Home Buyer Program

Nice houseAre you considering purchasing a house in Lancaster County? Do you need help with the down payment and closing costs? If this is the case, you should be aware of the Lancaster Housing Opportunity Partnership program for first-time home purchasers.

Lancaster Housing Opportunity Partnership provides eligible first-time home buyers with up to $5,000.00 in down payment and closing-cost assistance.

The assistance loan has no monthly payments and no interest. Prospective purchasers must repay the loan if the property is sold or transferred, or if the borrower no longer resides in the house as their primary residence. The assistance award is secured by a second mortgage on the home. Funding availability is subject to change.

Are you, or any other borrower, a first-time home buyer? All borrowers may not have owned a house within the previous three years. If a borrower co-owns a house with someone else, the applicant must be removed from the deed and freed from the note and mortgage. Borrowers and co-borrowers may not possess any other real estate or company other than the one that is their main source of income. Non-occupant co-borrowers are not allowed.

Before entering into a Sales Agreement, all borrowers must successfully complete the Lancaster Housing Opportunity Partnership home-buyer Education Program. Additionally, prior to settlement, applicants must meet with a certified budget consultant for an individual consultation.

Within sixty (60) days of closing, the borrower and any co-borrowers must inhabit the property as their main residence on a permanent, year-round basis.

Residency - The most recent permanent address of the borrower and co-borrower must have been within Lancaster County.

The purchase price of the house cannot exceed $183,000.00, and it must be located in Lancaster County. Prefabricated homes are permitted if the land is included in the purchase price and the prefabricated home is attached to a strong foundation.

Borrower's Contribution - Borrowers must contribute at least 1% of the purchase price or $1,000 (whichever is higher) to the purchase of a house.
Prior to closing, the necessary contribution must be verified cash on deposit in the borrower's account(s). Borrowers may keep a cash reserve of up to $4,000 after closing.

Prospective purchasers must meet the income criteria of the Lancaster Housing Opportunity Partnership. The income limits are based on the total (gross) household income of all adult household members living in the residence.
All income streams for the four (4) weeks before the date of the primary loan application are considered and projected forward for the next 12 months.
Furthermore, the projected total family income for the next 12 months cannot exceed the limits.

Borrowers must be U.S. citizens, permanent resident aliens, or non-permanent resident aliens having a valid Social Security number and the ability to work in the United States.

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