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First Time Home Buyer Program in Chester County

Nice house with sold signIf you're thinking about buying a home in Chester County, you're in luck, Chester County has a great loan program for first time home buyers. The county offers a closing cost assistance loan up to $5,000 for the purchase of a home in a Chester County.

The closing cost assistance can be "combined" with most mortgages (i.e. USDA, FHA, Fannie Mae), including a Pennsylvania Housing Finance Agency home mortgage (PHFA). It may be possible to buy a house in Chester County for only $1,000!

The assistance loan is paid back when the home is transferred, sold, or refinanced. The loan amount is dependent on the applicant's financial need. And here’s the best part, zero percent (0%) interest rate!


To be eligible for the Chest County assistance loan, the home buyer(s)must:

  • Not have owned a home in the past 3 years or be a displaced homemaker.
  • Be able to obtain a 30 year, fixed rate loan from a mortgage lender;
  • Occupy the home as your primary residence;
  • Meet the income limits for Chester County
  • Be 18 years of age or older;

Buyer Cash Contribution

Maximum allowable down payment 20% (Minimum LTV 80%);

At least $1,000 towards the purchase of the home plus 2 mortgage payments in the bank.

Liquid assets (i.e. checking, savings, and investment accounts) of borrower after settlement cannot exceed $10,000.

Property Types

Eligible Properties must:

  1. Have a purchase price that does not exceed FHA loan limits for Pennsylvania.
  2. Meet HUD lead-based paint guidelines and housing quality standards;
  3. Be attached, detached, semi-detached, or condominiums;
  4. Be newly constructed or existing single family residences within Chester County;

Eligible Loan Programs - Conventional Home Loan, FHA Home Loa, USDA Home Loan

Pennsylvania Housing Finance Agency (PHFA)

The 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 Chester County assistance program. Read more
Last updated 1/2020

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