Bucks County First Time Homebuyer Program

Bucks County First Time Homebuyer Program is a deferred second loan for homebuyers in Bucks County, Pennsylvania, administered by Bucks County Department of Housing & Community Development (counseling/application administered by Bucks County Housing Group). Bucks County's First Time Homebuyer Program provides up to $10,000 toward down payment and/or closing costs for income-eligible first-time buyers purchasing a principal residence in Bucks County. Assistance is a no-interest deferred mortgage repaid when the home is sold, transferred, refinanced for additional debt, or no longer the borrower's principal residence. The County contracts with Bucks County Housing Group for required housing counseling. Up to $10,000 toward down payment and/or closing costs. 0% interest. No monthly payments (deferred). Free housing counseling included. Funding comes from Federal (HUD) funds via Bucks County Housing & Community Development (HOME/CDBG; specific source not stated on official page).

Bucks County First Time Homebuyer Program offers up to $10,000 in assistance. Amounts are the program's published maximums, not an offer — Bucks County Department of Housing & Community Development (counseling/application administered by Bucks County Housing Group) determines any individual award.

Bucks County First Time Homebuyer Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Due and repayable when the home is sold, transferred, refinanced for additional debt, or no longer the borrower's principal residence. The assistance is recorded in Second mortgage (deferred mortgage lien) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Bucks County First Time Homebuyer Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer or has not owned a home in the past three years. A homebuyer education course is required, through Bucks County Housing Group (group webinar + one-on-one; online-only counseling may not be used for the Bucks County program; Framework online course required, fee reimbursed at settlement). Residency requirement: At least one household member must have six months of residency in Bucks County. Income limit chart on county page labeled effective 6/15/2022 and updated annually so dollar figures may be more current; specific federal funding source (HOME vs CDBG), credit score, DTI, max purchase price, eligible property types, and min contribution not published on official pages (null). Detailed 'Criteria for Participation' PDF is an Adobe-cloud link that did not render for extraction.

Bucks County First Time Homebuyer Program limits household income to 100% of the area median income, which varies by county and household size. At or below 100% of Bucks County Median Family Income by household size (income chart on county page effective 6/15/2022, updated annually): 1=$73,800; 2=$84,400; 3=$94,900; 4=$105,400; 5=$113,900; 6=$122,300; 7=$130,700; 8=$139,200. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Bucks County First Time Homebuyer Program serves homebuyers purchasing in Bucks County, Pennsylvania.

Applications for Bucks County First Time Homebuyer Program go through Bucks County Department of Housing & Community Development (counseling/application administered by Bucks County Housing Group), which publishes the current terms and the application steps on its own site. Funds are reserved through Applicants complete a BCHG intake application and proceed through housing counseling; subject to available county funding. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.