$10,000 in Assistance

The First-Time Homebuyer Program is designed to provide an opportunity for low to moderate income families to purchase a home. The county has up to $10,000.00 available to assist families with the down payment costs. There are certain requirements established by the county for these funds. The funds that are borrowed through this program are considered a no-interest second mortgage.

Preliminary Guidelines

Residency – The applicant must reside in Bucks county for 6 months or have one year of employment in Bucks County.

Previous Ownership – Applicant must not have owned a home within 3 years of application.

Home Location – The property must be located in Bucks County.

Borrower Contribution – The borrower must contribute a minimum of 3% towards the purchase price. For example if the property is $100,000.00 You will need .03 x 100,000.00 = $3000 in the bank as reserves.

Reserve Requirements – 1 Month of PITI (Principal, Interest, Taxes, Insurance)

Income - The income of First-Time homebuyers cannot exceed 80% of the county median household income. (Income is any revenue from salaries, social security, dividends.)

PHFA - Learn about the low interest rate loans available through the (Pennsylvania Housing Finance Agency)PHFA and the funds available to assist homebuyers with closing costs.

All applicants will be required to complete the homeowner pre-purchase counseling program offered by the Credit Counseling Center.