Shared Equity Agreements For First-time Buyers In Philadelphia
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First-time homebuyers or people who haven't owned a home in at least three years are eligible. They must have a household income that is below the median area income for the number of people in their household (Ex: the median area income for a family of four is $111,600).
Government-backed mortgage loans The Federal Housing Administration (FHA), Department of Veterans Affairs (VA) and Department of Agriculture (USDA) back mortgage programs that are often an option for first-time homebuyers.
The Turn The Key program helps Philadelphia families buy new, affordable homes and build equity for their futures. Our development partners are building energy efficient homes on publicly owned land across Philadelphia.
Welcome Home grants may not exceed $25,000 for honorably discharged veterans, active-duty military, reservists, and surviving spouses of service personnel homebuyers or $20,000 for all other homebuyers. Welcome Home funds may be used in conjunction with other local, state, and federal funding sources.
Several first-time homebuyer programs are facilitated through the Pennsylvania Housing Finance Agency (PHFA), an agency in the commonwealth that aims to improve affordability and housing options for low-income and moderate-income families, older adults and families with special housing needs.
Insufficient Credit History Most lenders require a minimum credit score of 620 to qualify for a mortgage. Without enough active accounts in good standing, first-time buyers often fall short of this threshold. Maintaining timely payments and keeping credit card balances low is key to building credit.
