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Bucks County First Time Home Buyer Program

Nice house with sold signIf you’re buying a home in Bucks County, then you should know about the Bucks County First Time Homebuyer Program. The Bucks County Housing Group provides eligible home buyers with a zero interest loan for down payment and closing cost assistance. The maximum assistance loan is $10,000.

The assistance loan sits silently behind the first mortgage and does not require a monthly payment. The assistance loan will be repaid upon:
1) the taking of additional debt.
2) the transfer of legal or equitable title to the property; or,
3) the sale of the property;

Unacceptable First mortgages include:

1. Interest only mortgages
2. No-Doc Loans or "Stated Loans."
3. Adjustable rate loans (except for USDA Rural Housing Direct Loan (502), provided the transaction meets all other program criteria).

The maximum purchase price may not exceed the FHA 203 (b) single family loan limit for Bucks County; and/or the home buyer’s combined debt to income ratios should not exceed the typical debt to income ratios for either FHA, conventional, USDA or VA home loans. Debt to Income calculator

Prospective home buyer(s) are required to contribute a minimum of 3 percent of the purchase price (i.e. Sales price $100,000 X 3% = $3,000), except for VA loans.

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

Applicants are required to satisfy one of the following residency requirements:

  1. The residency requirement is waived if one or more of the adults is in active military service.
  2. Six months residency in Bucks County is needed for at least one of the applicants; or,
  3. One of the applicants' has had continual employment of at least one year at a place of work located in Bucks County; and/or,

Previous Ownership
1. This program can only be used one time per adult.
2. Applicant cannot have been a homeowner in the past three (3) years.
3. Cannot have an interest in any other real estate.

The home must be located in Bucks County.

Inspections and Certifications:
a. Certifications are not required if they are conditions of the first mortgage.
b. Flood certification
c. Lead paint disclosure (if property was built prior to 1978)
d. Appraisal - Required by a state certified real estate appraiser
e. Home inspection by a certified home inspector

Prospective home buyer's household income must be meet the HUD median income limits for Bucks County.

Exceptions to the program will be considered on a case by case basis. Requests for exceptions should be submitted in writing detailing the specific hardship and reason for the exception. An answer will be provided in writing within 10 days by the Department Director.

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