Philly First Home Program
The City of Philadelphia is 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 with reducing 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.
In FREE Homeownership Counseling, you will learn about:
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Purchasing a home within your budget
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Avoiding dangerous mortgages
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Rights and responsibilities of homeowners
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Mortgage application / purchasing process
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Improving credit, credit repair and credit maintenance
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Money management
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Home maintenance
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Avoiding foreclosure
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Deeds and other legal housing documents
Eligibility:
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The property must be a single-family home or duplex located in Philadelphia (no condos).
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You must be a first-time buyer (or have not owned a home in the past three years)
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You must complete one-on-one homeownership counseling through a City-funded housing counseling agency before signing an Agreement of Sale.
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You must be income eligible (see chart below):
Speak with a Philadelphia Home Buyer Agent Today.
Chase Home Buyer Grants
The Chase Homebuyer Grant is available on primary-residence purchases only. Homebuyers may be eligible for the $2,500 or $5,000 savings when applying for a DreaMakerâ„ , Standard Agency, FHA and VA home purchase mortgage loan product and where applicable census tract requirements are met. Income limits and homebuyer education apply on a DreaMaker mortgage.
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The Chase Homebuyer Grant funds will be applied at purchase loan closing first to points on the loan, if any, then to Chase fees, then to non-Chase fees or down payment. Grant funds may not be used for the down payment on an FHA or VA purchase loan.
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The Homebuyer Grant may be considered miscellaneous income and may be reportable on Form 1099-MISC (Miscellaneous Information) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) to the customer and the IRS, for the year in which they are awarded. We encourage customers to consult with a personal tax advisor for questions about the impact to personal income tax returns.
Bank of America Home Grant Programs
Bank of America’s Community Homeownership Commitment® is bringing together products and resources that can help modest-income borrowers buy homes of their own. By combining down payment assistance and closing cost help with a low down payment mortgage, you may find that a new home is within reach.
Bank of America’s Home Grant® program offers a lender credit of up to $7,500 that can be used towards non-recurring closing costs, like title insurance and recording fees, or to permanently buy down the interest rate. The funds do not require repayment.
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Eligibility:
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Minimum combined loan-to-value must be greater than or equal to 80%
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Program funds can only be used for nonrecurring closing costs
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The home loan must fund with Bank of America
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Bank of America’s Down Payment Grant program offers a grant of up to 3% of the home purchase price, up to $10,000, to be used for a down payment in select markets. Grant Program is available with one mortgage product. The funds do not require repayment.
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Eligibility:
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Minimum combined loan-to-value must be greater than or equal to 80%
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Program funds can be applied toward down payment only
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Down Payment Grant program may be considered taxable income.
BOA Contacts
Michael Perticari of The Perticari Team
David Dowd
K-FIT (Forgivable in Ten Years)
Through PHFA (Pennsylvania Housing Finance Agency)
PHFA’s mission is to expand affordable housing opportunities throughout Pennsylvania. The K-FIT purchase assistance loan helps fulfill that mission by assisting low and moderate-income renters who want to become homeowners. Homebuyer education that is provided by PHFA-approved counselors at no cost to homebuyers helps prepare them for the financial responsibilities of homeownership.
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The loan is used to assist homebuyers with their down payment and closing costs. K-FIT is a forgivable second loan, with 10% forgiven each year over 10 years. As a result, no monthly payment is required.
Notes:​
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The K-FIT purchase assistance loan may only be paired with PHFA’s Keystone Home Loan program.
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Conventional, FHA, Rural Development, and Veterans Affairs financing options are available.
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A K-FIT loan provides 5% of the lesser of the purchase price or appraised value with no maximum dollar amount.
Eligibility:
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FICO score of 660 required
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complete homebuyer education counseling
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may not have liquid assets greater than $50,000
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Must be eligible for the KHL program
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Must meet the K-FIT loan program eligibility requirements.