Monroe County: First Time Home Buyer Programs

The Monroe County Commissioners, the Monroe County Affordable Housing Board, and participating First Mortgage Lenders have collaborated to create the Monroe County First-Time Home Buyer's Program.

This program is designed to assist eligible, first-time homebuyers with a second mortgage loan. The guidelines for obtaining a second mortgage loan are clearly outlined and must be followed to be considered for the program.

Qualified applicants may receive up to $10,000 in financial assistance for down payment or closing costs. If you are a first-time homebuyer looking to purchase a home in Monroe County, this program can help you achieve your dream of homeownership. Apply for the Monroe County First-Time Home Buyer's Program and take the first step towards owning your home today!

Eligibility Requirements for the Program

Specific eligibility requirements must be met to participate in the Monroe County First-Time Home Buyer's Program. These requirements include:

First-Time Home Buyer: The program is designed to help first-time homebuyers achieve their dream of homeownership. Therefore, only those who have not owned a home in the past three years are eligible to participate.

Income Limits: To qualify for the program, your household income must be less than 100% of Monroe County's median income. This information can be found on the program's website.

Primary Residence: The home purchased with this program must be your primary residence and cannot be used as a rental or investment property.

Citizenship Status: You must be a United States citizen or a resident alien to be eligible for this program.

Good Credit Standing: You should have good credit standing and be able to make mortgage payments on time. The participating first mortgage lenders will review your credit history to determine if you meet this requirement.

Homeownership Pre-Purchase Counseling: Completion of a home ownership pre-purchase counseling certificate program is mandatory to participate in the program. This will help you understand the home-buying process, budgeting, and managing your finances, among other topics.

Eligibility for the Program

To be eligible for the program, applicants must be first-time homebuyers who plan to purchase a home in Monroe County. The program defines a first-time homebuyer as someone who has not owned a home within the past three years. The applicant must also meet the income requirements, which vary depending on family size and the property's location.

Income Limits:

Household Size	Median Income
One person	$59,938
Two persons	$68,500
Three persons	$77,063
Four persons	$85,625
Five persons	$92,500
Six persons	$99,375
Seven persons	$106,188
Eight persons	$113,163

Note: The above median income figures are for Monroe County as of April 2022.

Second Mortgage Loan

The Monroe County First-Time Home Buyer's Program provides a second mortgage loan to eligible applicants. This loan is intended to assist with the down payment and closing costs of purchasing a home. The loan amount is based on a percentage of the home's purchase price and is awarded in conjunction with a first mortgage from a participating lender.

Guidelines for Obtaining a Second Mortgage

The program is governed by guidelines dictating the rules and requirements for obtaining a second mortgage. These guidelines specify the loan amount and terms, the home's maximum purchase price, and the eligibility income requirements. Additionally, the guidelines outline the process for applying for a second mortgage and the documentation that must be provided to demonstrate eligibility.

Participating First Mortgage Lenders

The Monroe County First-Time Home Buyer's Program partners with participating First Mortgage Lenders to provide first mortgages to eligible applicants. These lenders offer competitive interest rates and terms, and they work closely with the program to ensure that applicants meet the requirements for obtaining a second mortgage. Applicants are encouraged to work with one of these lenders to take advantage of the benefits offered by the program.

Eligible Home Purchases: Requirements and Guidelines

When applying for the Monroe County First-Time Home Buyer's Program, ensuring that your potential home purchase meets the program's guidelines and requirements is essential. The eligible home purchases must meet the following criteria:

Maximum Home Purchase Price:

The Federal Housing Administration (FHA) determines the maximum home purchase price, which is subject to change. The program's guidelines state that the home purchase price should not exceed the maximum amount set by the FHA.

Owner-Occupied Single-Family Home:

The eligible home must be an owner-occupied, single-family home, meaning the property must be used as the borrower's primary residence.

Location:

The eligible home must be located within Monroe County, which is required for the program's participation.

Conclusion

In conclusion, the Monroe County First-Time Home Buyer's Program is an excellent opportunity for eligible, first-time homebuyers to achieve their dream of homeownership. By collaborating with the Monroe County Commissioners, the Monroe County Affordable Housing Board, and participating First Mortgage Lenders, the program offers financial assistance of up to $10,000 for down payment or closing costs.

However, applicants must meet certain eligibility requirements, such as being a first-time homebuyer, meeting income limits, having good credit standing, and completing a home ownership pre-purchase counseling certificate program. The program also provides a second mortgage loan, which is awarded in conjunction with a first mortgage from a participating lender.

Eligible home purchases must meet specific requirements and guidelines, including being an owner-occupied, single-family home located within Monroe County. If you are a first-time homebuyer looking to purchase a home in Monroe County, the Monroe County First-Time Home Buyer's Program can help you take the first step towards homeownership. Apply today and fulfill your dream of owning your home.

For More Information:
Contact:
The Redevelopment Authority of The County of Monroe
Phone: 570-421-4300

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

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