Centre County First-Time Home Buyer Program

Centre County First-Time Home Buyer Program is a deferred second loan for homebuyers in Centre County, Pennsylvania, administered by Centre County Planning & Community Development (Housing) / Centre County Housing Trust Fund. Centre County Commissioners, with participating banks and the Centre County Housing Trust Fund, provide up to $10,000 or 10% of purchase price (whichever is less) in down payment/closing-cost assistance as a soft second mortgage, due on sale, refinance, loss of owner-occupancy, or payoff of the first mortgage. Buyers must be first-time (no ownership in 3 years), meet income/asset limits, and complete homebuyer education. Up to $10,000 / 10% of price. 0% interest, no monthly payments (deferred). free homebuyer education + pre-purchase inspection. Funding comes from Centre County Housing Trust Fund.

Centre County First-Time Home Buyer Program offers up to $10,000 in assistance. Award tiers: Up to $10,000 or 10% of purchase price (whichever is less); special consideration/adjusted amount for households at/below 50% AMI. Amounts are the program's published maximums, not an offer — Centre County Planning & Community Development (Housing) / Centre County Housing Trust Fund determines any individual award.

Centre County First-Time Home Buyer 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 Payable on resale, refinance, when the home ceases to be the borrower's full-time residence, or when the first mortgage is paid in full. The assistance is recorded in Second (soft second mortgage) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Centre County First-Time Home Buyer Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: No homeownership in past 3 years; a legally-separated single parent with custody of minor children is also eligible. On credit, the program states: 680+ if 3+ consecutive years with current employer; 700+ if employed less than 3 years. A homebuyer education course is required, through Participating bank's homeownership/home-buying course. Residency requirement: Property must be in Centre County. First mortgage via a participating bank; mandatory homebuyer education and pre-purchase inspection; asset limits ($15,000 incl. real property at application; $7,500 cash at settlement); refinance of first mortgage requires payoff of County loan.

Centre County First-Time Home Buyer Program limits household income to 100% of the area median income, which varies by county and household size. Household income must not exceed published guideline by size (4-person $108,100; HUD limits updated ~May); separate 50% AMI column governs special-consideration amounts. 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.

Centre County First-Time Home Buyer Program can be used for Single Family.

Centre County First-Time Home Buyer Program serves homebuyers purchasing in Centre County, Pennsylvania.

Applications for Centre County First-Time Home Buyer Program go through Centre County Planning & Community Development (Housing) / Centre County Housing Trust Fund, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply through a participating bank; subject to availability of funds. 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.