Centre County: First Time Home Buyer Program

Large family in their new home posing for this picture Centre County, Pennsylvania, offers a range of first-time home buyer programs to assist individuals and families looking to purchase their first home. These programs provide valuable resources and financial assistance to help make buying a home more accessible and affordable.

Whether you're a recent college graduate or a family looking to settle down, Centre County has several programs to help you achieve your dream of home ownership. By taking advantage of these programs, first-time home buyers in Centre County can enjoy the benefits of owning a home without the financial burden that often comes with it.

Down Payment and Closing Costs Assistance

The Centre County Housing Trust Fund is vital in assisting first-time home buyers in Centre County. The trust fund provides financial assistance to help buyers with down payment and closing costs. The program offers a maximum of $10,000, or 10% of the purchase price (whichever is less), to help alleviate the financial burden of buying a home. The loan is repayable, and the program clearly outlines the repayment terms. 

The loan becomes payable when the house is resold, refinanced for more than the original purchase price, or when the mortgage has been paid in full. These terms are put in place to ensure that the funds provided by the trust fund are used effectively and efficiently to support future first-time home buyers in Centre County.

Homes that are purchased must be located within Centre County.

  1. Participation in Home Ownership Training: Buyers interested in purchasing a home through this program must participate in a course on home ownership training offered by the bank. This training is designed to educate buyers on the responsibilities of homeownership and how to maintain their homes properly.
  2. Professional Housing Inspection: Before the home sale is finalized, a professional housing inspector must inspect the property. This inspection is essential to ensure the home is in good condition and free from significant defects or safety hazards. The inspection report will give buyers a comprehensive understanding of the home's condition.
  3. Occupancy as Principal Place of Residence: One of the program's requirements is that people buying a home must occupy it as their principal residence. This means buyers cannot purchase the home as an investment or vacation home. This requirement is in place to ensure that the program's homes are used to meet the needs of primary residents who are first-time homebuyers.

First-Time Home Buyer Requirement

To be eligible for the program, the applicant must meet specific criteria. Firstly, the applicant must be a first-time home buyer, which means the household has been renting a home and has not owned a home during the past three years. In addition, single parents who are legally separated and have joint or full custody of one or more minor children are eligible to apply. 

This provision allows single parents access to the program's benefits, even if they have previously owned a home. The program aims to help first-time home buyers and single parents achieve their goal of homeownership by providing them with financial assistance and other resources to make the home-buying process more accessible and affordable.

Income Eligibility

The applicant should not exceed the following 
income guidelines:

Household Size Income
One person $68,200
Two people $77,900
Three people $87,600
Four people $97,300
Five people $105,000
Six people $112,900
Seven people $120,700
Eight people $128,500

Asset Limitation

To qualify for the program, buyers must meet specific financial requirements. At the time of application, the buyer's liquid assets, including cash and real property, shall not exceed $15,000. This requirement is put in place to ensure that the program's funds are used effectively to support those in need of financial assistance.

At the time of settlement, the buyer's liquid assets shall not exceed $6,000, which means that the buyer cannot have more than $6,000 in cash or liquid assets at closing. 

These requirements are designed to help ensure that the program's benefits are provided to those who need them the most and to prevent buyers from using the program's funds for other purposes. The program aims to provide first-time homebuyers with financial assistance to help them achieve their dream of homeownership while ensuring that the program is used appropriately and responsibly.

Each participating bank will provide the mortgage financing

AmeriServ Bank 1-800-837-2265
Citizens Bank 814-380-0160
Core Mortgage Services, Inc. 814-272-0125
Fulton Bank 814-272-0166
Jersey Shore State Bank 814-235-1710
Kish Bank 814-861-5500
M&T Bank 814-234-5791
Mortgage Source 814-234-1477
Northwest Savings Bank 814-353-1222
PNC Bank 814-235-0535
Reliance Savings Bank 814-235-6468
Wells Fargo 814-238-4100


In conclusion, Centre County in Pennsylvania offers a variety of first-time home buyer programs that provide financial assistance and valuable resources to help make buying a home more accessible and affordable. The Centre County Housing Trust Fund provides down payment and closing costs assistance up to a maximum of $10,000, or 10% of the purchase price, to alleviate the financial burden of buying a home.

To be eligible, applicants must meet specific criteria, including being a first-time homebuyer and meet income and asset limitations. By participating in homeownership training and obtaining a professional housing inspection, first-time homebuyers can ensure they have the necessary knowledge and resources to maintain their new home. Centre County's first-time home buyer program aims to provide financial assistance to those who need it most while ensuring the program's funds are used effectively and responsibly.

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


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