Montour County: First Time Home Buyer Program
Why
rent when Monroe County offers down payment and closing cost help to
first-time homebuyers?
The assistance loan is a second mortgage of up to $5,000 or 10% of
the purchase price, whichever is greater (whichever is less).
The best part is that no monthly payments are required for the
assistance loan, and no interest is accrued while you reside in the
home.
The second mortgage is payable only when the homeowner(s)
refinances, sells, or transfers the property.
Eligibility Guidelines:
You must be a first-time home buyer. None of the borrowers may have owned a home in the preceding three years. Borrowers and co-borrowers may not own any real estate or business other than the one from which they get their primary income.
Your total yearly household income should be less than 100% of the
Monroe County median annual income (adjusted annually)
Before applying, you must have lived in Monroe County for an entire
year or have qualifying present or prospective employment.
You must be a United States Citizen or a resident Alien.
Prospective homebuyers must finish homeownership counseling
satisfactorily.
Credit counseling & First Time Home Buyer Classes in Montour County PA
SOURCE:
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