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 Lancaster County First Time Home Buyer Program

Nice house with sold signAre you thinking about buying a home in Lancaster County? Do you need help with the down payment and closing costs? If so, then you should know about the Lancaster Housing Opportunity Partnership program for first time home buyers.

Lancaster Housing Opportunity Partnership provides eligible first time home buyers with down payment and closing cost assistance of 8% of the sales price up to a maximum of $5,000.00.

The assistance loan is provided at 0% interest and there are no monthly payments. Prospective home buyers are required to payoff the loan upon the sale or transfer of the property; or if the borrower ceases to occupy the home as their primary residence. The assistance grant is secured by a second mortgage on the home. Funds are subject to availability


Check markAre you and any other borrower a first time home buyer? All borrowers may not have owned a home within the last 3 years. If a borrower did own a home with someone else, then the applicant must be removed from the deed and released from the note and mortgage. The borrowers and co-borrowers may not have an ownership interest in any other real estate or business other than a business that is their primary source of income. Non-occupant co-borrowers are not permitted.

Check markAll borrowers are required to successfully complete the  Lancaster Housing Opportunity Partnership Home Buyer Education Program prior to entering into a Sales Agreement. Additionally, applicants are required to meet with a qualified budget counselor for an individual meeting prior to settlement.

The borrower and any co-borrowers must occupy the home as their primary residence on a permanent, year-round basis within sixty (60) days of closing.

Check markResidency - The most recent permanent address of borrower and co-borrower must have been within Lancaster County.

The purchase price of the home can not exceed $183,000.00 and must be located in Lancaster County. Manufactured homes are permitted, provided the lot is included in the purchase and the manufactured home is attached to a permanent foundation.

Borrower's Contribution - Borrowers must contribute at least 1% of purchase price or a minimum of $1,000 (whichever is greater) to the home purchase. The required contribution must be verifiable funds on deposit in the borrower's account(s) prior to closing. Borrowers may retain a cash reserve after closing of no more than $4,000.

Prospective home buyers must meet the income limitations established by the Lancaster Housing Opportunity Partnership. The income limits are based on the total (gross) household income of all adult household members who will occupy the residence. All income sources for the four (4) week period immediately preceding the date of the primary loan application, projected forward for the next 12 months is considered. Further, the projected gross household income, expected to be received over the next 12 months, may not exceed the limits.

All borrowers must be U.S. citizens, permanent resident aliens or non-permanent resident aliens with a valid Social Security Number and eligible to work in the US.

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