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Adams County Closing Cost & Down Payment Assistance Program

House with sold signEveryone desires to own a house, but purchasing a home requires a down payment and a little extra cash for the closing costs. If you're thinking about purchasing a home in Adams County, you’re in luck. The Pennsylvania Interfaith Community Programs, Inc and Adams County Housing Authority provide eligible homebuyers with low interest rate loans from $2,000 to $7,000 for their closing costs or down payment.

Applicants must be first time homebuyers and meet household income that is at or below the HUD low to moderate household income limits for Adams County. The applicant(s) are required to be a US citizens or permanent residents. Prospective homebuyers must be over 18 years of age and have the legal capacity to incur the loan obligations.

Applicants must occupy the home. No investors. The prospective home buyer(s) must be approved for a mortgage on the property to be purchased.

Home buyers cannot have tangible assets that exceed lenders reserve requirement or $1200 which ever is greater. Tangible assets include savings accounts, checking accounts and certificates of deposit, bonds, stocks, et cetera.

Applicants are required to attend home buyer education classes provided by PICPI and ACHA.

Repayment Of Assistance

A second mortgage will be placed on the home after closing for the amount of the down payment (or closing costs). The down payment and/or closing cost assistance loan is required to paid monthly until the loan is paid in full or when the home is sold.

Credit Counseling & First Time Home Buyer Classes in Adams County PA