Buying your first home isn’t impossible. With Philadelphia’s first time home buyer grants and programs, it’s easier than ever to purchase your first home! Saving for a down payment can be difficult and take more time than you anticipated. Closing costs can add up to be much more than you thought.
The city of Philadelphia wants to help you buy a home. Make sure to take advantage of these first time home buyer grants and programs to get the help you need when buying your first home.
OHCD Settlement Assistance Program
As a first time home buyer, you may not consider the additional closing costs that come with buying a home. Thanks to the Philadelphia Office of Housing and Community Development’s Settlement Assistance Program, first time home buyers can receive up to $500 to go towards settlement costs.
This grant cannot be used towards a down payment. It can only be used on the purchase of a single family or duplex property. Home buyers must also fall within the income limit set by the program.
OHCD Home Buyer Assistance Grant
With the help of Philadelphia’s Office of Housing and Community Development’s Home Buyer Assistance Grant, first time home buyers can receive up to $10,000 or 6% of the total cost of a house to go towards their down payment, whichever number is lower. This relieves a huge burden on a first time home buyer looking to purchase a home.
There are some guidelines to qualify for this first time home buyer grant. Home buyers must fall within certain income limits set by the OHCD and take mandatory homeowners counseling classes.
PHFA First Time Home Buyer Program
With the Philadelphia Housing Finance Agency, first time home buyers can take advantage of a mortgage program that is insured by the government and offers competitive interest rates. It also offers fewer mortgage fees. Home buyers can even save up to $2,000 a year! You can also take advantage of the free counseling offered so you are a more informed Philadelphia homeowner.
PHA Housing Choice Ownership
First time home buyers who have low income may be eligible for the PHA Housing Choice Ownership program. This program provides first time home buyers with House Choice Vouchers. These can be used to pay monthly mortgage payments for a maximum of 15 years in a 20 year mortgage.
Home buyers who want to take advantage of this program must meet income limits and complete Pre-Purchase Housing Counseling along with other requirements.
First Front Door Program
One of the newest first time home buyer grants available is the First Front Door Program. First time home buyers can receive up to $5,000 to be used towards a down payment or closing costs. To be eligible for this grant, home buyers must have an income below 80% of the median income in the area. You must also maintain the property for at least 5 years.
Take Advantage of These First Time Home Buyer Grants and Programs Today!
Philadelphia wants to help any and all home buyers to achieve their dream of owning a home with these first time home buyer grants and programs.
To learn more about how to take advantage of these grants, contact Philadelphia’s leading real estate agent, the Agent Lady! The Agent Lady specializes in first time home buyers and can answer any questions about buying your first home in Philadelphia.