Pittsburgh Home Ownership Program

_Pittsburgh Home Ownership Program - PHOP

The City of Pittsburgh provides below market rate first mortgage financing for the purchase of new or existing homes (in move-in condition) located in the City of Pittsburgh. The Pittsburgh Home Ownership Program - PHOP. Down payment and closing cost assistance grant money is available for all borrowers.

The Pittsburgh Home Ownership Program provides fixed, low interest, 30-year mortgage loans for low to
moderate income home buyers. The PHOP program has a low down payment requirement of 3.5%. A great feature of PHOP is that we offer what others don’t --- help with your down payment and closing costs.

The URA offers a down payment and closing cost assistance grant up to $3,000, for income eligible borrowers. Pretty cool! Here's the skinny . . .

_Pittsburgh Home Ownership Program - PHOP

PHOP Requirements:
1. You have to live in the home as your principal residence. No investors!
2. Single family home, duplex, triplex or 4 units are ok.
3. Your income and the purchase price must not exceed the limits below.
4. If you're purchasing in a program area you must be either a first time home buyer or haven’t owned a home in the past three years.
5. You may need to attend home buyers education program.
6. This is NOT FREE MONEY! You have to qualify for this program. In other words, your income, credit, employment will be verified by the lender and must be sufficient to qualify for the mortgage.

The City of Pittsburgh has two programs, you must be a first time home buyer or haven’t owned a home in 3 years in the Program Area. You DO NOT NEED to be a first time home buyer in the Target Area. Where are the Program and Target areas? Go here > PHOP MAP

Interest Rate	The interest rate is a bit higher than other programs, however, the closing cost assistance grant is exceptional.
Term	30 years
Minimum Down Payment	3.5% - FHA guidelines
Mortgage Origination Fee	There are 1 1/2 points on the loan amount that is split equally between the buyer and the seller. Or, the seller can pay the points as a “seller assist”.
Eligible Areas	City of Pittsburgh
Income Limits	PROGRAM AREA:
	$63,000 per household (1-2 persons)
	$72,450 per household (3 or more persons)
Mortgage Limit	1 Unit $216,000
	2 Units $261,701
	3 Units $316,327
	4 Units $393,120

Program Area

Interest Rate	The interest rate is a bit higher than other programs, however, the closing cost assistance grant is exceptional.
Term	30 years
Minimum Down Payment	3.5% - FHA guidelines
Mortgage Origination Fee	There are 1 1/2 points on the loan amount that is split equally between the buyer and the seller. Or, the seller can pay the points as a “seller assist”.
Eligible Areas	City of Pittsburgh
Income Limits	TARGET AREA:
	$75,600 per household (1-2 persons)
	$88,200 per household (3 or more persons)
Mortgage Limit	1 Unit $264,000
	2 Units $319,857
	3 Units $386,621
	4 Units $480,480

Target Area

Closing Cost and Down Payment Assistance

Participants in the First Time Home Buyer Program may qualify for up to a maximum of $3,000 in Closing Cost and Down Payment Assistance. To be eligible, borrowers must meet all program criteria, and household income must be at or below 80% of the area median income.

Is your household income . . .

1 Occupant - $35,300
2 Occupant - $40,350
3 Occupant - $45,400
4 Occupant - $50,400
5 Occupant - $54,450

Borrowers must attend a HUD-approved home buyer Education Course and receive certification of participation in home buyer education training. Borrowers must provide a certified copy of their tax returns for the most recent year.

The calculators and information presented are made available to you as a self-help tool for illustrative use only. Examples are hypothetical. We can not and do not guarantee the applicability or accuracy in regards to your individual circumstances. I encourage you to seek personalized advice from qualified professionals. Copyright © 2012,William A. MacDonald All rights reserved | E-mail | Credits | Disclaimer | Site Map | Privacy Policy