Philadelphia Home Buyer Grants
Discover Exclusive Home Buyer Grants for Philadelphia
Philadelphia offers a variety of homebuyer assistance programs and grants to facilitate homeownership for its residents. Among these programs is the Philadelphia Housing Development Corporation (PHDC), which offers down payment and closing cost assistance. Additionally, the Philly First Home Program provides grants of up to $10,000 for first-time homebuyers. It’s important to check with local agencies for the most up-to-date information and eligibility criteria.
Philly First Home Program
The Philly First Home Program, offered by the City of Philadelphia, provides a grant of up to $10,000 (or 6% of the home’s purchase price, whichever is lower) to support first-time homebuyers in reducing the principal, covering down payment, and managing loan closing costs. As a grant, the program closes once all funds are utilized, requiring a wait until the next year for refinancing. To apply for Philly First Home, individuals must contact a city-funded housing counseling agency, or their lender can provide guidance.
Exclusive Incentive: Building Equity (Elfant Wissahickon Realtors)
In another exclusive incentive, Elfant Wissahickon Realtors provide first-time homebuyers purchasing a home under $200k with a commission rebate at closing and a waiver of typical broker fees, valued at up to $1,595. There are certain requirements for this program, including representation by an Elfant Wissahickon Realtor for the home purchase and the home purchase price must be under $200k. It is applicable only for buyers intending to occupy the home, not investors.
TD Bank’s Right Step Program
TD Bank’s Right Step Program provides a loan allowing for a 3% down payment without the need for Private Mortgage Insurance (PMI). The program is available to a wide range of potential homebuyers and can be combined with approved grants for additional assistance.
Meridian Bank Loan Program
Meridian Bank’s Loan Program offers 100% financing without Private Mortgage Insurance (PMI) and can be combined with various other grants, gifts, and community second mortgages. There are income, credit score, and other requirements that potential homebuyers must meet in order to qualify.
Neighborhood Opportunity Program
Crafted to aid individuals and families with restricted income or those acquiring homes in low and moderate-income areas, the Neighborhood Opportunity Program offers low down payment options and eliminates the need for monthly private mortgage insurance. It provides additional benefits such as a discount on closing costs and reduced fees.
About Philadelphia Home Buyer Grants
In summary, Philadelphia offers a range of homebuyer assistance programs and grants to help individuals and families achieve homeownership. These programs are tailored to meet the diverse needs and circumstances of prospective homebuyers, providing support in the form of grants, down payment and closing cost assistance, and other incentives to make the dream of owning a home a reality. By understanding and taking advantage of these opportunities, individuals can take concrete steps towards purchasing a home in Philadelphia.
