Beaver County First Time Buyer Program
Financial Assistance for Homebuyers in Pennsylvania
The amount of assistance available is determined by individual needs. The applicant must not have $5,000 in liquid assets at the time of closing. The amount of the assistance grant is forgiven at 20% per year and is totally forgiven after five (5) years. If the home is sold prior to the anniversary date of five (5) years the remaining grant must be repaid.
1-person household: $47,500
2-person household: $54,300
3-person household: $61,100
4-person household: $67,850
5-person household: $73,300
6-person household: $78,750
7-person household: $84,150
8-person household: $89,600
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Pennsylvania
The First Time Buyer Program allows for a down payment and closing cost assistance grant if an applicant’s income is at or below 80% of the area’s median income.
The Housing Partnership of Chester County (HPCC) offers low-moderate income individuals and families the First Time Home Buyer Program to assist them in buying a new home within Chester County.
The Cumberland County Affordable Housing Trust Fund First-Time Homebuyer’s Down Payment and Closing Cost Assistance Program provides up to $5,000 in assistance to qualified first-time homebuyers.
The Delaware County Homeownership First Program offers down payment and closing cost assistance to eligible homebuyers. The total assistance is not to exceed $5,000; this will cover up to 2 percent of the down payment of the new home.
The Pennsylvania Housing Finance Agency (PHFA) offers eligible homebuyers assistance in meeting the upfront costs of homeownership through different programs, one of which is the HOMEstead Downpayment and Closing Cost Assistance Loan.
The Pennsylvania Housing Finance Agency (PHFA) offers eligible homebuyers assistance in meeting the upfront costs of homeownership through different programs, one of which is the Keystone Advantage Assistance Loan Program.
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