FIRST-TIME HOMEBUYER PROGRAM

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.

Family Size - The minimum family size shall be two people. In the case of family with more than one adult, a minimum of 2 adults must be on the mortgage. The age of the children must be identified and you must demonstrate legal custody of children.

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.)