1ST TIME HOMEBUYER GRANT PROGRAM

Hey Everyone

This is information specifically for Bucks County PA: There is a FIRST TIME HOME BUYER PROGRAM. I call it a grant program because it allows you to get into the home using the $10,000 they issue to you for down and closing costs.

Established to aid Bucks County residents that are in need of down and closing costs to purchase a home. It is a program that assists (when you meet the income guidelines) with closing costs by providing a no-interest second mortgage. Although funds borrowed through this program are not "forgiven", they must be repaid only upon the resale of the home, upon the refinancing of the home, or upon the transfer of the title. the second mortage has no strings attached, meaning that it does have payemtns that would be made. It just sits as a lien against the property until you sell.

Note: I believe it may be forgiven by 50% if you own the home for 5 years or more and the other 50% is paid back after you sell the home. Check with the Bucks County Housing Group for more information at bchg.org or give me a call.

I've had clients that used this program and are going through the process of using this program. It can be a real life-saver especially if you are ready to purchase but find that the closing costs are over and above what you have.

There is mortgage counseling involved and the paperwork is about the same as you will provide to the mortgage broker when you apply for a mortgage. That is a small step to take for the assistance.

Most mortgage brokers are aware of the program. You must ask to see if the lenders they use have this program as an approved grant program. My mortgage broker is very familiar with it and calls it the "Pace Grant". Sherry Pace is the person that most people talk with.