Venango County First Time Home Buyer Program

House with a sold signAssistance with closing costs and down payments for first-time home buyers

Do you wish to make your first property purchase in Venango County? Have you been accepted for a mortgage and need funds for a down payment and/or closing costs?
Then let's see whether the Venango County First Time Home Buyer Program can assist you in purchasing your first house.

The program offers qualified applicants a loan of up to $5,000 or 10% of the purchase price, whichever is smaller.The monies provided by the Affordable Housing Trust are a delayed loan.The property will get a second mortgage with no forgiveness for the first five years of ownership. Any transfer of the property within the five-year term after the date of the mortgage requires that the money be returned in full to the Affordable Housing Trust promptly. A request for subordination must be considered on a case-by-case basis in the event of a refinancing of any previous debts.

Are you a First Time Home Buyer? A First Time Home Buyer is someone who has not owned a home in the past three (3) years.

Will you occupy the home located in Venango County as your principal residence?

 Will you purchase a single-family home?

Can you contribute a minimum of two (2%) percent of the purchase price from your checking, savings, or another account?

Total household income cannot exceed 100 percent of the median household income in Venango County, nor can it be less than the Low-Income limit, as modified yearly.

The household income restrictions must be met.
The debt-to-gross-income ratio of the Applicant may not exceed 28 percent.

Additional:
Proof of income for all household members include all the following (if applicable)

  • A minimum of 3-payroll check stubs,
  • A minimum of 3 direct deposit statements
  • A printout verifying child support for a period of one year,
  • W-2 forms
  • tax returns
  • 1099 forms,
  • A letter from the Social Security Administration listing ssi payments for a full year.

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