Beaver County's First Time Home Buyer Loan

If you're searching for homes for sale in Beaver County PA, take a minute to learn about the Beaver County's first time home buyer assistance loan.

Each First time home buyersyear, Beaver County allocates funds towards down payment and closing cost assistance to help low to moderate income home buyers purchase their first home in Beaver County.

Beaver County's first time home buyer program provides grant assistance for down payment and closing costs, if your household income is at or below 80% of median income.

Applicant must have acceptable credit and work history to qualify for a mortgage.

First time home buyer eligibility


Qualified first-time homebuyers will be eligible to receive a 2nd mortgage up to a maximum of $3,500. The second mortgage will be limited to the amount necessary to fill the gap between the total amount of the closing costs and the amount the borrower is able to pay.  A second mortgage agreement and other documents will be executed by the settlement company and recorded on behalf of Beaver County in the amount awarded. No interest is charged on the grant money. Twenty percent (20%) of the closing cost and down payment assistance is forgiven each year and is totally forgiven after 5 years.

Occupancy

The house to be purchased can be either a single unit or range up to four (4) units, but the you must occupy the residence or, in the case of a multi-unit house, you must occupy one of the units.

Mortgage loan qualifications

You must be creditworthy and able to qualify for a mortgage at or below the current market rate.

Home Buyer Counseling

The Beaver County first time home buyer loan program requires completion of a counseling program prior to executing (signing) a contract of sale for the purchase of a home. Applicants are also required to meet with a housing 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.