302 S. Jackson Street, Media, PA 19063 ●
610-565-0434
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Dear First Time Buyer: The purpose of the Program is to provide assistance to qualified low and moderate-income families interested in purchasing their first home in Renaissance Program communities (See Communities link above chart). The Program provides financial assistance toward the downpayment and with the closing costs associated with home purchase. Not everyone is eligible for this unique Program. To qualify, you must be 18 years of age or older, and have not owned property (or had a deed in your name) for three (3) years prior to the date of application. You may also qualify if you are a displaced homemaker. Your household's income must fall at or below the income limits outlined on the attached chart. Funds are only available for those households with an income at or below 100% of the Median Family Income (MFI). Furthermore, applicants may not have signed an Agreement of Sale for any property prior to undergoing group and individual counseling. It is necessary that you provide at least $1,000 towards the downpayment of a home. You must also complete homeownership counseling classes. The amount of assistance for which you would qualify is based on your individual circumstances as determined by your application and your initial interview. The funds are 0% interest loans, which must be repaid upon the future sale or transfer of the property. The loan will be forgiven after five years. In addition, the County will only subordinate for the refinancing of the existing first mortgage to a lower interest rate. The new loan amount cannot exceed the existing principal amount plus closing costs associated with the new first mortgage. The County will not subordinate for any type of home equity or debt consolidation loan and will require that all County funds be returned to the County upon the settlement of any such loan. |
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