First Time Homebuyers Montgomery County

Here are some tips for first–time homebuyers in Montgomery County, PA. According to MontgomeryCountyPA.gov, there are state-funded programs designed to help low, moderate, and median-income buyers with the out-of-pocket expenses needed for a home purchase, such as down payment and closing costs. Rather than paying 20% of the home’s value, you’ll be closer to 3.

Eligibility requirements are no home purchase within the last three years, a household income below the area median income, and intent to occupy the home as a primary residence. You’ll need to qualify for a mortgage, either through a conventional FHA Loan or for a VA for the military or USDA for homes in rural areas. With VA or USDA, the downpayment is zero on qualifying housing. Additionally, all applicants must reside in Montgomery County during the application process.

Finally, applicants must have a minimum of $3K cash at the time of application. There are income caps to qualify as well. Maximum financial assistance is set at 10%, not to exceed $10K. The interest rate is 0% ongoing, provided the home is sold, granted, transferred, vacated, or abandoned as a primary residence within 15 years of the purchase date. Investment properties don’t qualify. This is an excellent housing market as well, so it’s a smart investment long term.

• First-time homebuyers in Montgomery County can get more information on a free call!