Centre County First-Time Home Buyer Program

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

Centre County First-Time Home Buyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Participating bank's homeownership/home-buying course.

2. 2

   Contact Centre County Planning & Community Development (Housing) / Centre County Housing Trust Fund to reserve funds

   Funds are reserved through Apply through a participating bank; subject to availability of funds., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.