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Closing cost calculator

Washington County First Time Home Buyer Program

Nice house with sold signThe Redevelopment Authority of Washington County has made buying a home in Washington County easier for qualified home buyers. Who couldn’t use up to $4,500 to purchase a home? That’s right. Up to $4,500 in closing cost assistance is available to individuals and families purchasing a single family home in Washington County. The amount borrowed will be determined by actual, reasonable, and documented closing costs.

The closing cost assistance grant is a 5 year forgivable loan. Twenty percent of the assistance loan is forgiven for each of the first 5 years and then terminates. Needless to say, if the house is sold during the first 5 years, the assistance loan will be prorated.

Prospective home buyers must qualify and be approved for a USDA (Rural Development 502 Direct Housing Program) first mortgage.

Eligible closing costs include, reasonable attorney fees for attorneys, credit reports, mortgage recording, termite inspections, title insurance, transfer tax, document preparation, notary, settlement/closing and other customary mortgage and closing fees.

Applicants must meet the annual household income mat not exceed 80% of the median family income for Washington County as defined by the Department of Housing and Urban Development; adjusted for family size. Home buyers must agree to occupy the home as their principal residence. See income limit chart

The applicant or applicants must be a first time homebuyer(s) which is usually defined as someone who did not own a home during the previous three years. Displaced homemaker or single parents can also be defined as first time home buyers; even if an applicant owned a home with his or her spouse or resided in a home owned by the spouse.

Prospective homebuyers are required to successfully complete a HUD approved homebuyer counseling program.

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