Discover How to Buy Your First Home with Shaina McAndrews Team at eXp Realty!
Are you thinking about buying your first home but not sure how you can afford it? Don't worry! We have access to some great programs to help you get started. Here's an easy-to-understand guide to some special programs that give money or help to first-time homebuyers like you. Some of the programs are stackable but not all of them. Schedule A Consultation with our Team to get started and in the notes say which program you think will work for you! Schedule by clicking here.
Philadelphia First Front Door Program
This program helps people buy their first home in Philadelphia by giving them money to help pay for part of the cost.
Qualifications:
You must be buying your first home.
You need a credit score of at least 600.
You must have a job in Philadelphia.
You need to contribute at least $500 towards the purchase.
What it offers:
Up to $5,000: This helps with your down payment or closing costs (the fees you need to pay when buying a home).
Good things:
You get help with money you need upfront.
If you stay in your home for five years, you don’t have to pay the money back.
Not-so-good things:
There's only a limited amount of money available, so not everyone who applies will get it.
You need to take a class about buying a home.
Montgomery County Homeownership Program IV
This one is for people buying their first home in Montgomery County.
Qualifications:
You must be a first-time homebuyer.
Your income must not exceed 80% of the Area Median Income (AMI).
You need a minimum credit score of 620.
The home you buy must be in Montgomery County.
What it offers:
Up to $10,000: This money can be used for your down payment and to help cover closing costs.
Good things:
It gives a big boost to help you afford a home.
It helps pay for big costs when buying a house.
Not-so-good things:
They only have a certain amount of money for this, so it might run out.
You need to attend a special workshop about owning a home.
Delaware County Homeownership First Program
This helps first-time buyers in Delaware County.
Qualifications:
You must be buying your first home.
You must meet specific income and employment criteria set by the program.
The home must be located in Delaware County.
What it offers:
Up to $5,000: This money helps with down payment and closing costs.
Good things:
It lowers the amount you need to save before buying a home.
It's very helpful in managing upfront costs.
Not-so-good things:
If you sell or refinance your house too soon, you need to pay back the money.
Your house must pass an inspection to qualify.
PHFA Keystone Home Loan Program
For people buying their first home in Pennsylvania.
Qualifications:
You must be a first-time homebuyer or someone who has not owned a home in the past three years.
You need a minimum credit score of 660.
Your income and the purchase price of the home must meet the program’s limits, which vary by county.
What it offers:
Varies: They offer low-interest loans and help with down payments and closing costs.
Good things:
Low-interest rates make paying back the loan easier.
Helps with both down payments and closing costs.
Not-so-good things:
You need to take a homebuyer education class.
There are limits on how much money you can make and still qualify.
K-FIT Keystone Forgivable in Ten Years Loan Program
This Pennsylvania program offers a special loan that doesn't need to be paid back if you stay in your home for ten years.
Qualifications:
You must be a first-time homebuyer.
Your income must fall within specific limits set by the PHFA.
You need a minimum credit score of 660.
You must remain in the home for ten years to have the loan forgiven.
What it offers:
Forgivable loan: If you live in your house for ten years, you don't have to pay back the loan.
Good things:
It's a big help in getting your first home.
You don't pay back if you stay long enough.
Not-so-good things:
You must stay in your home for ten years.
There’s only a limited amount of money for this program.
NJHMFA First-Time Homebuyer Mortgage
Great for people buying their first home in New Jersey.
Qualifications:
You must be a resident of New Jersey and a first-time homebuyer.
You need a minimum credit score of 620.
You must complete a homebuyer education course if you are a first-time buyer.
What it offers:
Varies: They offer good mortgage options and sometimes help with down payments.
Good things:
Makes getting a mortgage more affordable.
They sometimes help with the down payment.
Not-so-good things:
You have to meet a lot of rules to qualify.
Only for houses in New Jersey.
HOW TO GET STARTED:
Step One: Schedule Your One-On-One Consultation with our team. When booking, provide a bit more information about yourself, where you are looking and what price range. This helps us make sure we properly prepare to share the right information with you.
Step Two: After our consultation, follow our Personalized Path to Homeownership that we send you!
We seriously make becoming a homeowner easy!
Resources:
If you want to learn more or need help understanding these programs, just ask us! We're here to help you make your dream of owning a home come true. Keep in mind that these programs, their amounts, and the qualifications needed may change over time. You can also check out these websites for more details:
The Shaina McAndrews Team at eXp Realty is excited to help you find and buy your perfect home. Get in touch with us today to get started!
