Union County: First Time Home Buyer Program
The Union County Commissioners understand how difficult it is for
first-time home purchasers to save for a down payment and closing
fees.
As a result, Union County devised a down payment and closing-cost
assistance program to aid qualified homebuyers. Union County offers
eligible homebuyers a down payment of $10,000 or 10% of the purchase
price and closing-cost assistance.
Any loan must not exceed $10,000 in the total amount. The assistance
grant (loan) is an interest-free second mortgage that must be
returned if the applicant refinances or sells the property.
Eligibility Guidelines:
You must be a first-time buyer of a property. All borrowers may not have owned a house in the previous three years. Borrowers and co-borrowers may not possess any other real estate or company other than the one that provides their primary source of income.
Your total annual household income must meet the Union County median income limits. (adjusted annually).
The house must be situated in Union County, and the buyer must live
in and utilize the acquired property as their primary residence.
Union County allows one or two-family houses; revenue from rentals
for one housing unit is permitted. The house must satisfy the Union
County Affordable Housing Fund Board's minimal property upkeep
requirements, which the Union County Commissioners must authorize.
You are required to be a U.S. Citizen or Resident alien.
Prospective home-buyers are required to complete homeownership counseling.
The prospective homebuyer(s) must contribute a minimum of three (3%) percent of the property's purchase price from their funds, excluding gifted funds.
Credit counseling & First Time Home Buyer Classes in Union County PA
SOURCE:
Recommended Reading
Upper Darby: First Time Homebuyers Program
USDA Loans in PA: Homebuyer Requirements
USDA Loans PA: Income Limits 2022
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