Chester County First Time Homebuyer Program

Chester County First Time Homebuyer Program is a deferred second loan for homebuyers in Chester County, Pennsylvania, administered by Chester County Department of Community Development (operated by the Housing Partnership of Chester County). The Chester County First Time Homebuyer Program (Chester County Dept of Community Development, HUD HOME-funded, operated by the Housing Partnership of Chester County) provides pre-purchase counseling and a 0% interest deferred second-mortgage loan for down payment and closing costs to first-time buyers at or below 80% AMI purchasing anywhere in Chester County. The loan is based on need, up to $40,000, repaid in full upon sale, transfer, or refinance. 0% interest deferred loan for down payment and closing costs. Loan up to $40,000 based on need. No monthly payments until sale/transfer/refinance. Free HUD-certified counseling (English and Spanish). Funding comes from Federal HUD HOME Investment Partnerships Program funds (24 CFR Part 92) through Chester County Department of Community Development.

Chester County First Time Homebuyer Program offers up to $40,000 in assistance. Award tiers: County-wide max loan $40,000; based on individual financial need. Homebuyer contribution: Minimum $1,000 of borrower's own funds toward purchase, plus proof of two months of reserves at settlement. Amounts are the program's published maximums, not an offer — Chester County Department of Community Development (operated by the Housing Partnership of Chester County) determines any individual award.

Chester 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 All funds repaid when the property is sold, transferred, or refinanced. The assistance is recorded in Second mortgage lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Chester 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: Must not have owned a home in the 3 years prior to application; displaced homemakers also qualify. On credit, the program states: No minimum credit score published; HPCC may deny based on income, credit history, sales price, assets, and property condition. A homebuyer education course is required, through Housing Partnership of Chester County (required homebuying seminar/group counseling up to 8 hrs + one-on-one and a credit/budgeting session with a HUD-certified counselor). Citizenship or immigration status: Application collects citizenship status; no explicit eligibility restriction stated. Eligible settlement expenses include title work, deed/document prep, escrows, notary/credit/appraisal/inspection fees, transfer taxes, recording fees, loan discount/origination points, and DP/closing costs. Min credit score, max DTI, and the specific HUD HOME max purchase price not published numerically (null). The $40,000 cap is current; an older HPCC description referenced $10,000 county-wide / $20,000 in Coatesville—confirm current Coatesville treatment with HPCC.

Chester County First Time Homebuyer Program limits household income to 80% of the area median income, which varies by county and household size. At or below 80% AMI by household size: 1=$66,850; 2=$76,400; 3=$85,950; 4=$95,500; 5=$103,150; 6=$110,800; 7=$118,450; 8=$126,100. 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.

Chester County First Time Homebuyer Program caps the purchase price as follows: Maximum sales price determined by HUD's HOME Program. Eligible property types include Single-family detached, Semi-detached, Attached/townhouse, and Condominium. New construction is eligible.

Chester County First Time Homebuyer Program serves homebuyers purchasing in Chester County, Pennsylvania. The program targets specific areas: $40,000 county-wide max anywhere in Chester County; HPCC historically noted enhanced assistance for City of Coatesville purchases.

Applications for Chester County First Time Homebuyer Program go through Chester County Department of Community Development (operated by the Housing Partnership of Chester County), which publishes the current terms and the application steps on its own site. 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.