Venango County: First Time Home Buyer Program
Are you contemplating purchasing your first home in Venango County?
Assistance with closing costs and down payments are offered to
first-time home buyers.
Are you approved for a mortgage but need money for the down payment
and closing costs? Then, let's see whether the Venango County First
Time Home Buyer Program might assist you in purchasing.
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
SOURCE:
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