Philly First Home Program

Philly First Home Program is sponsored by City of Philadelphia. This program provides down payment and closing cost assistance for income-eligible first-time homebuyers in Philadelphia. The assistance is provided as an interest-free loan that is forgiven if the homeowner stays in the home for at least 15 years without refinancing.

The City of Philadelphia wants you to be a successful homeowner! We are offering a homebuyer assistance grant of up to $10,000 (or 6% of the home’s purchase price, whichever is lower) to assist first-time homebuyers reduce the principal, cover down payment, and loan closing costs. To be eligible you must complete a FREE City-funded homeownership counseling program before you sign an Agreement of Sale .

Homeownership counseling successfully prepares borrowers for this big life decision. In homeownership counseling, you will learn about: Deeds and other legal housing documents Avoiding dangerous mortgages Purchasing a home within your budget Rights and responsibilities of homeowners Mortgage application/purchase processes Improving credit, credit repair and credit maintenance What type of property is eligible?

The property must be a single-family home or duplex located in Philadelphia (no condominiums). You must be a first-time buyer or have not owned a home in the past three years. You must complete one-on-one homeownership counseling through a City-funded housing counseling agency before signing an Agreement of Sale .

You must be income eligible (see chart below). Note: If you are using more than one homebuyer grant opportunity, please confirm with your housing counselor that all grants are compatible with the Philly First Home program. Contact a City-funded housing counseling agency.

They will need: Total annual family income Source of that income (employment, SSI, DPA, etc.) Number of family members who will live in the house To learn about the Philly First Home Application Process, click here . • Average sales price is $193,300 • $11 million in transfer tax returned to the City • Average interest rate 6.

2% • Average houseold income $60,858 54% Black or African American; 70% Not Hispanic or Latino Female heads of households 853 Income is calculated using gross income for all members of the family who will live in the home. Family Size Maximum Annual Download the Philly First Home Flyers: Philly-First-Home-flyer-English Philly-First-Home-flyer-Spanish Philly-First-Home-Simplified-Chinese For additional housing information, visit www.

phila. gov/dhcd or call 215-686-9749. 1234 Market St.

, 17th Floor PHDC’s policy is to provide services without regard to race, color, religion, sex, sexual orientation, having AIDS or being perceived to have AIDS, national origin, ancestry, familial status, physical handicap or age.