Allegheny County's First Time Home Buyer Loan
Allegheny County First Time Home Buyer Program Requirements
- All Allegheny County residents who meet income limits are eligible
except those who reside in the City of Pittsburgh. A minimum down payment
of approximately 3.5 percent is required (FHA).
Up to $5,000 in down payment and closing cost assistance is available to eligible borrowers and up to 100% of area median income.
See below for more information on the Closing Cost and Down Payment Assistance Program.
- Occupancy - You must occupy the property purchased as a primary residence - no investors
- Mortgage Limit - $248,900 (FHA base figure)
- Maximum Sales Price - Approximately $294,750. Existing homes and new construction
- Mortgage Program - FHA
- Minimum Down Payment - 3 1/2% (FHA)
- Term - 30 Years only
- Eligible Areas - All areas of Allegheny County except the City of Pittsburgh
Property Types - Must be a single family residence. Condominiums, townhomes and mobile homes permanently affixed to a Borrower's individually owned lot are eligible. Houses that include rental space or commercial space are ineligible.
HOME BUYER COUNCILING - Participants' are required to obtain pre-purchase credit counseling (Homebuyer Education Counseling). A Certificate of Completion must be submitted to the mortgage company to be made a part of the Borrower(s) loan file. An acceptable Certificate of Completion may be obtained by the Borrower(s) from a PHFA or HUD certified counseling agency. Participants will also be required to meet with a Counselor for a one on one counseling session to go over budget, credit, mortgage financing and home ownership responsibilities. The counseling session will last a few hours.
Allegheny County Closing Cost and Down Payment Assistance
Participants in the First-Time Homebuyer Program may qualify for
up to a maximum of $5,000 in Closing Cost and Down Payment Assistance
There will be two (2) levels of Closing Cost and Down Payment Assistance available to eligible Borrower(s):
1. Applicants whose income is between 61% and 100% of the median income of Allegheny County (adjusted for family size) may be eligible to receive 50% of the required Closing Costs and Down Payment;
2. Applicants whose income is at or below 60% of the median income of Allegheny County (adjusted for family size) may be eligible to receive 75% of the required Closing Costs and Down Payment.
A second lien (in the form of a Second Mortgage) in the amount of the Closing Cost and Down Payment Assistance will be placed on the property for a period of 5 years with no graduated forgiveness. The Second Mortgage is forgiven on the first day of the sixth year and upon receipt of a satisfaction fee from the Borrower(s).
To be eligible, borrowers must meet all program criteria, and household income must be at or below 100% of the area median income.
Allegheny Targeted Area Homebuyers Program
Prospective home buyers in the following census areas are not required to be first time home buyers. All other requirements of the Allegheny First Time Home Buyer Program are applicable.
Maximum Sales Price
Approximately $360,250. Existing homes and new construction
House to be purchased must be located within one of the following
W. Homestead: 4824
McKees Rocks: 4644
McKeesport: 5509, 5519, 5521
How much does it cost to buy a house in Pennsylvania?
Use the PA mortgage calculator to estimate the down payment, closing costs and monthly payment for FHA, VA, USDA & conventional loans.