First Time Homebuyers
$10,000 in Assistance– Call Now
The Credit Counseling Center’s counselors can help new Bucks County homeowners receive up to $10,000 for closing costs through the First-Time Homebuyer Program. The program, which is funded through Bucks County, provides financial assistance for low- to moderate income families.
• Residency – You must reside in Bucks County for 6 months or have 1 year of employment in Bucks County.
• Previous ownership – You must not have owned a home within 3 years of application.
• Home location – The property located in Bucks County must not exceed $295,000.
• Borrower contribution – The borrower must contribute 3% toward the purchase price. For example if the property is $100,000 you will need $3,000 down. The debt-to-income ratio cannot exceed 33/41.
• 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.)
If you meet the above requirements and want to apply for assistance, please make an appointment and bring the following documents: 2 recent pay stubs, other income verification, tax returns, bank statements, retirement statements, Agreement of Sale, Good Faith Estimate, mortgage commitment letter and title search.
All applicants will be required to complete the homeowner pre-purchase counseling program offered by the Credit Counseling Center.
Thanks to changes to the Fair Credit Reporting Act (FCRA), consumers now have the right to a free credit report once a year from all three major credit reporting bureaus – Equifax, Experian and TransUnion.