First time home buyer grant Washington

House with sold signThe Washington County Redevelopment Authority has made it easier for qualified home buyers to acquire a property in the county. Who couldn't use up to $4,500 for a down payment on a house? That is true.

Individuals and families interested in purchasing a single-family home in Washington County may qualify for up to $4,500 in closing costs assistance. Closing costs that are reasonable and documented will be utilized to determine the loan amount.

The award for closing costs is a forgivable loan with a five-year duration. After five years, 20% of the assistance loan is forgiven, and the debt is then cancelled. Naturally, the assistance loan will be prorated if the property is sold within the first five years.

Prospective homebuyers must qualify for and be accepted for a USDA 502 Direct Housing Program (Rural Development 502) first mortgage.

All reasonable legal costs, credit reports, mortgage recording, termite inspections, title insurance, transfer tax, document preparation, notary, settlement/closure, and other customary mortgage and closing expenditures are acceptable closing charges.

Applicants must have a household income that is no more than 80% of the Washington County median family income, as calculated by the Department of Housing and Urban Development and adjusted for family size. Homebuyers must make a commitment to make the home their main residence. See income limit chart

The applicant(s) must be first-time home buyers, who are usually defined as individuals who have not owned a property in the previous three years. Even if an applicant co-owned a home with his or her spouse or resided in a co-owned property, the applicant may be deemed a first-time home buyer.

Prospective home purchasers must complete a home buyer counseling program authorized by HUD. 

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