The city of Philadelphia and JPMorgan Chase want to help first time home buyers make their dream come true with the Philly First Home Program. This program offers $10,000 or 6% of the sale of the property; whichever is less, to first time home buyers in Philadelphia. With a recent study stating that Philadelphia lost over 100,000 homeowners in the last 17 years, the city is working to increase the home ownership rate with this program.
Philly First Home Program
The Philly First Home Program is offering first time home buyers $10,000 or 6% of the total sale of the property, whichever is less. Division of Housing and Community Development (DHCD) will officially launch the program on June 10th.
To be eligible for the Philly First Home Program, you must be a first time home buyer or have not owned a home in the last three years.
Before buying your home, you must be a resident in Philadelphia for three years and the home you buy must be in the city of Philadelphia. The property must be either a single family or duplex. This program will not cover condominiums.
There are income requirements, as well. The total household income must be at or below 120% of the Area Medium Income.
Lastly, applicants must attend a housing counseling program provided by DHCD that will consist of topics about home maintenance, dangerous mortgages, improving credit, money management, and how to avoid foreclosure.
An Important Note
One important thing to mention about the Philly First Home Program is that the $10,000 will act as a lien on your first mortgage for 15 years. If you choose to sell the property or refinance your mortgage, the loan must be paid back. However, after 15 years of living in the property, the lien will disappear.
Buy Your First Home in Philly
The Philly First Home Program is here to help your dream of owning a home in Philadelphia come true. If you qualify for the program, contact the DHCD on June 10th when the program launches to learn how to apply. Lastly, don’t forget to work with a great Realtor to help you find the perfect home!
About Agent Lady: Cherise Wynne is a leading real estate agent in Philadelphia, helping home buyers and sellers navigate the City of Brotherly Love, with a special focus on first time home buyers. To chat about getting started with your first time home buying experience, click here.