Hunting for Pennsylvania first time home buyer grants to purchase that home? Find the best grants for home buying in Pennsylvania and other home mortgage grants available below.
Deciding to buy a house in Pennsylvania? Wondering if you can afford the down payment? Would you like help?
Purchase of a home in any state has mixed emotions. It is normal to feel very excited yet worried.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a minimum credit score of 580, you'll not qualify for these low down payment programs. The FHA 203b loan works well with the various grant options. The higher your credit score is the lower your interest rate. The FHA loan products are very flexible and work well with other assistance programs. Would you like to know where you stand with their requirements? Learn what those requirements are by clicking here.
But don't let yourself become overwhelmed! I plan to give you lots of information to help you with that sought after down payment to help you.
Would you like your own stack of hundreds in a red bow? Learn about these unique grants and see if you qualify.
To begin with, the State of Pennsylvania does not offer a Pennsylvania first time home buyer grant program for its residents; however, there is one program that is very close.
This is good news because not all states are able to offer assistance to first time home buyers. The state agency which maintains this program for Pennsylvania is the Pennsylvania Housing Finance Agency and the name of the program is "HOMEstead".
Applicants can obtain up to a $10,000 loan to use toward your down payment and closing costs. This is actually a loan, but carries no payments until the house is sold or title is transferred.
Additionally, this loan has a zero percent interest rate. Basically, you are getting a grant of the interest. Over time the loan can be forgiven, but you must stay in the home for that to happen.
There is also a program called the "Keystone Advantage Assistance Loan Program." Along with this program is assistance of up to 4% of the purchased price (with a maximum of $6,000) that can be used for the closing costs or the down payment. Now it is a loan that has to be paid back. The nice thing it is zero percent, but you will have to pay it back in 10 years.
You may also want to investigate their "PHFA Mortgage Credit" program. This allows you to claim a tax credit on your tax return. It's always good to put more money in your pocket!
All these programs have limitation and restrictions you will have to meet, but its worth checking out.
You should visit this website to determine your eligibility.
In addition, the federal government offers grant assistance for first time home buyers in Pennsylvania. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program. Their website contains useful information and applications.
The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Visit the Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
Something I like to recommend is to start saving money. Why? What will you do if you don't qualify for a grant? Plus if you don't start early, grant money can run out before the end of the year. Then you have to start all over.
If you start saving a little money each week and this happens, you may find you have enough saved for a low down payment program like FHA.
You will also need to find a lender who will work with the different Pennsylvania first time home buyer grants or assistance programs. That can be where the challenge comes in!
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!
Happy House Hunting!!
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Mar 29, 17 03:06 PM
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