Pennsylvania First-Time-Homebuyer-Assistance-Program-Operating-Procedures-and-Program-Guidelines (308.8 KiB)
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FAQ
Federal Housing Administration (FHA) Loans Loans have competitive interest rates and require a down payment of 3.5% of the purchase price for borrowers with FICO® credit scores of 580 or higher. Those with credit scores as low as 500 must put at least 10% down.
The City of Philadelphia wants you to be a successful homeowner! We are offering a homebuyer assistance grant of up to $10,000 (or 6% of the home's purchase price, whichever is lower) to assist first-time homebuyers reduce the principal, cover down payment and loan closing costs.
With conventional loans, a 620 credit score is usually the basic requirement. If you have less-than-perfect credit, FHA loans will likely be a better route. Some FHA lenders will accept credit scores as low as 500, with the tradeoff of making a larger down payment.
To be considered a first-time home buyer, you must not have owned your primary residence during the past three years. Veterans or buyers in certain target counties don't have to meet first-time home buyer restrictions to take advantage of PHFA programs.
Requirements 3% minimum down payment. 620 minimum credit score. Income cannot exceed 80% of the Area Median Income (AMI) for your county. Contribute at least 1% of the loan amount or $1,000 (whichever is less).Must attend an approved homebuyer education course (in-person if credit score is below 680)
The Downpayment Toward Equity Act provides eligible first-time home buyers up to $25,000 cash for down payment on a home, closing costs on a mortgage, interest rate reductions via discount points, and other home purchase expenses. As of June 2, 2023, the program requires that home buyers: Be a first-time home buyer.
Typically, this is either: Your age when you take out a new mortgage, with the limit ranging from around 65 to 80. Your age when the mortgage term ends, with the limit ranging from about 70 to 85.