Centre County First Time Home Buyer Program

Very nice houseFor some people, the thought of buying a home can seem as far away as the moon. No matter how they try, they can't save enough money for the down payment and closing-costs. If this sounds like you, and you want to buy a home in Centre County, then the Centre County Commissioners want to help.

The Centre County Housing Trust Fund offers eligible home-buyers a down payment assistance loan of 10% of the sales price or $10,000 (whichever is less) for a home in Centre County.

First Time Home Buyer requirements

The applicant must be a First Time Home Buyer. A first-time home buyer is a person who has not owned a home in the previous three years.
A single parent who is legally separated and has shared or sole custody of one or more minor children may be eligible as well.

Applicant are required to be US Citizen(s) and residents of Centre County or employed in Centre County.

Asset Limitation - The buyer's liquid assets (cash) and real property must not exceed $15,000 at the time of application, and the buyer's liquid assets (cash) must not exceed $5,000 at the time of settlement.

1. Homes that are purchased must be located within Centre County.
2. home-buyers must participate in a home-ownership course.
3. Homes must be inspected by a professional home inspector.
4. home-buyers must occupy the house as their principal residence.

Income Eligibility - Applicants must meet the income limits for Centre County (2020)

Household SizeIncome
1$62,100
2$71,000
3$79,900
4$88,700
5$95,800
6$102,900
7$110,000


Frequently Asked Questions About the Centre County Home-buyer Program

Q. Is the Centre County program better than the PHFA program?
A. Maybe. The Centre County program is limited to the 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 and other requirements, then the Centre County program might be better, because the assistance loan can be as high as $10,000.

The state program maximum loan amount is $6,000 and requires repayment over a ten-year term.

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