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First Time Home Buyer Program in Beaver County

Nice Beaver County home with sold signQualified first time homebuyers will receive a subordinated (2nd) mortgage up to a maximum of $1,500 for their down payment and or closing costs.

The assistance grant is a zero interest, no monthly payment that is forgiven at twenty percent each year and totally forgiven after five years.

Beaver County helps low to moderate income home buyers purchase their first home with down payment and closing cost assistance

The applicant's 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

One to four unit family homes are eligible for the program. Home buyers' must occupy the residence, or, occupy one of the units if the property consists of more than one living unit.

Income, credit, and debt qualification

All applicants must be able to qualify for a mortgage at or below the current market interest rate.

Home buyer counseling

Prior to executing a sale contract for the purchase of a house, you are required to complete a home buying and budget counseling program. Prospective home buyers will meet with a housing professional for a one-on-one counseling session who will talk about the importance of maintaining good credit, establishing a budget, mortgage financing and home ownership responsibilities. The counseling program can last a few hours.

Rotating question mark  Frequently Asked Questions About 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 limited to buyer(s) whose income is at or below the median income based on family size (80%). If the income exceeds the income limits, then the state program is your only choice. However, if you meet the income requirements, then the Beaver County program might be better, because the assistance loan is forgivable over a 5 year period. The state program requires repayment over a ten year term. There is one more consideration. The county program only provides $1,500, the state can provide as much as $6,000 for down payment/closing costs.

Pennsylvania Housing Finance Agency (PHFA)

Pennsylvania State flagThe State of Pennsylvania (PHFA) offers home loan funding for first time home buyers and non-first time home buyers, including down payment and/or closing cost assistance up to $6,000. The PHFA programs can be used with the Beaver County assistance program. Read more
Last updated 1/2020

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