” FIRST TIME HOME BUYERS” PROGRAM COMPARISON CHART PENNSYLVANIA - 2007 COUNTIES Bucks
Name
Organization
Contact
Source of Funds
Assistance
Chester
Delaware
STATE Montgomery
Philadelphia
Pennsylvania
HOMEstead First Front Door Downpayment and Program Closing Cost Assistance Loan Federal Home Chester County County Loan Bank PA Housing Department of Commissioners Philadelphia Finance Agency Administered (FHLB) Community through the Office of Housing through the (PHFA) through Chester Community Pittsburgh Development through Department of and Community Bucks County Improvement Project through local local member the Housing Housing and Development financial Housing Group, Inc. member Partnership of Community (OHCD) institutions financial Chester County Development institutions Community Sherry Pace Annette Pyatt Investment 215-598-3566 Sheri Houpt Kori Springer Emily Roman 70+ member 610-876-8663 Partnership
[email protected] 610-278-3540
[email protected] 610-518-1522 215-686-9723 banks 800-288-3400 x2826 Chester County County Delaware County County Housing and Department of Affordable Trust Office of Housing Affordable Urban Community FHLB PHFA Fund (Act 137) and Community Trust Fund (Act Development Development & Development 137) (HUD) repaid loans Title Fees, Closing Down Fees, Escrows, Bank Down Payment, Down Payment, Down Payment, Down Payment, Closing Costs Payment, Fees, Transfer Closing Costs Closing Costs Closing Costs Closing Costs Taxes, Down Closing Costs Payment up to 2% First-Time Homebuyer’s Program
First-Time Homebuyers’ Program
Delaware County Homeownership First Program
1st Time Homebuyers Program
American Dream Downpayment Imitative (ADDI)
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Bucks
Chester
Delaware
Montgomery
Philadelphia
Pennsylvania
1st come, 1st serve basis
1st come, 1st serve basis
1st come, 1st serve basis
1st come, 1st serve basis
1st come, 1st serve basis
1st come, 1st 1st come, 1st serve serve basis - $6 basis million available
1st Time Homebuyer
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NOT owned home w/in 3 years At or Below Area Median Income (AMI)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
80%AMI/100%AMI
80% AMI
80% AMI
< 100% AMI
80% AMI
80% AMI
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes, secure 30 Year mortgage, Minimum 95% LTV
Yes
Yes; based on OHCD guidelines
Yes
Yes
Yes, 4 hours prior to purchase
Yes
Yes
Yes
Availability
Buyer Eligibility
Occupy Creditworthy
Counseling
18 Years old
Assets
Yes, secure 30 Year Yes, secure 30 Year mortgage mortgage
Yes, Workshop
Yes, Financial Homeownership
Yes, 8 hours group; 1 individual session
Yes
Yes
Yes
Yes
Yes
No more than 6 months PITI (Principal, Interest, Taxes & Insurance)
Liquid assets cannot Liquid assets cannot exceed $8,000 after exceed $5,000 after closing closing
Yes; through OHCD funded housing counseling agency Yes
Minimum $3,000 own funds at application
May not contribute more than $15,000 to purchase, No cash back at closing
3%
Must contribute at least $1,667 (savings, gift, tax refund, inheritance)
Cash Requirements
Down Payment
Must be able to pay prepaid portion of settlement costs
At least $1,000
At least $1,000
At least $1,000
3%
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Bucks
2 months PITI (Principal, Interest, Taxes & Insurance)
Chester
Delaware
Yes
Montgomery
Yes
May receive 3% matching gift
Yes
Fees 2007* Income Limits – see full
chart on Page 5
(Example: Household of Two)
Pennsylvania
Yes
Home Warranty
Not available if have own funds
Philadelphia
Maximum allowed 20%
Maximum allowed
