Beaver County - First Time Home Buyer Program

Nice suburban houseQualified first-time homebuyers will be eligible for a subordinated (2nd) mortgage of up to $1,500 for their down payment and/or closing expenses.

The assistance grant is a zero-interest, no-monthly payment loan that is forgiven at a rate of 20% per year for the five years and completely forgiven after that.

Beaver County assists first-time home buyers with low to moderate incomes in purchasing their first home by providing a down payment and closing-cost assistance.

The applicant is required to be at or below 80% of median income for Beaver County. See income limit chart

Applicant must have an acceptable credit and work history to qualify for a mortgage.

Occupancy

The program is open to one- to four-family houses. Homebuyers must reside in the house or one of the units if the property has more than one living unit.

Income, credit, and debt qualification

All applicants must be able to qualify for a mortgage with an interest rate equal to or lower than the current market rate.

Home-buyer counseling

You must complete a home purchasing and budget counseling program before signing a sales contract for the acquisition of a house. Prospective home buyers will meet with a housing expert for one-on-one counseling to discuss the importance of good credit, budgeting, mortgage finance, and home ownership responsibilities. The counseling program may last a few hours.

Frequently Asked Questions About the First Time Home Buyer Program in Beaver County 

Q. Is the Beaver County program better than the PHFA program?
A. Maybe. The Beaver County program is only available to buyers whose income is at or below the median income for their family size (80 percent ).
If your income exceeds the income limitations, the sole option is the PHFA program. If you satisfy the income criteria, the Beaver County program may be preferable since the assistance loan is repayable over a 5-year term. The state program calls for payback over a ten-year period. There's one more thing to think about.

The county program only gives $1,500, while the state program may provide up to $6,000 for down payment/closing expenses.

Credit counseling & First Time Home Buyer Classes in Beaver County PA