Lackawanna County First Time Home Buyer Program

Nice houseThe First Time Home Buyers program offers money in the form of an interest-free down payment loan and a closing-cost grant to income-eligible first-time homebuyers in Lackawant lan County who want to acquire a single-family property.

The program provides a down payment subsidy of up to 15% (up to $18,000) of the mortgaged loan, with a minimum of 5% (verified) of the buyer's assets are needed.

The 15% down payment assistance loan will be secured as an interest-free loan.
Within the first 10-years from the closing date, any sale or transfer of the property will be subject to full repayment by the home buyer. After a 10-year term, the debt will be forgiven. Closing-cost assistance will be provided in the form of a grant of up to $1,200.

All program participants will be required to demonstrate that they have the funds to make the required minimum down payment of 5%. Those donations must not be burdened or borrowed (i.e. funds the program beneficiary must repay to a third party). Participants must attend credit and housing counseling workshops, get pre-qualification for a mortgage loan, and have their chosen house inspected by a certified housing inspector. 
 

Participants must have confirmed yearly gross household earnings that are at or below the current Lackawant to County median income of 100 percent.

The property must be located in Lackawant to County. (City of Scranton not included),

The maximum purchase price for a home is $150,000 and the liquid asset limit will be capped at $25,000.

Home purchased must be a first home for program participants (i.e., buyers must not have owned a home for at least three years).

Also, the home purchased must become the PRIMARY RESIDENCE of the applicant(s).

The residence must be a single-family building (i.e., a single-family unit, townhouse, condominium, modular unit, or half of a separately deeded duplex).

Home to be purchased cannot be a manufactured home (i.e. mobile home).

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