City of Erie HOME First-Time Homebuyer Program

City of Erie HOME First-Time Homebuyer Program is a forgivable loan for homebuyers in Erie, Pennsylvania, administered by City of Erie Department of Economic & Community Development (DECD). The City of Erie's HOME Investment Partnership Program provides first-time homebuyers with closing cost and down payment assistance toward the purchase of a single-family home within Erie city limits. Assistance is provided as a deferred, forgivable HOME loan of up to $24,999, secured by a lien and forgiven on a pro-rata basis over a 5- or 10-year affordability period. Applicants must be pre-approved by a local lender, be income-eligible, and contribute $1,000-$1,500 of their own funds. Up to $24,999 in down payment and closing cost assistance. Deferred, no-payment loan. Fully forgiven if the home is kept as a primary residence through the affordability period. Funding comes from U.S. HUD HOME Investment Partnerships Program (HOME) funds.

City of Erie HOME First-Time Homebuyer Program offers up to $24,999 in assistance. The program asks homebuyers to contribute $1,000 or $1,500 depending on total household income. Amounts are the program's published maximums, not an offer — City of Erie Department of Economic & Community Development (DECD) determines any individual award.

City of Erie HOME First-Time Homebuyer Program is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, transfer, refinance, default on the first mortgage, or failure to occupy as primary residence during the affordability period; pro-rata portion repaid to HUD. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Erie HOME 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 defined as someone who has never owned a home, a displaced homemaker, or someone who has not owned a home in the last three years. A homebuyer education course is required. Residency requirement: Property must be a single-family dwelling located within the City of Erie limits. Applicant must be pre-approved by a local lending institution, be income-eligible, and commit $1,000 or $1,500 of their own funds (amount depends on household income). Must occupy as primary residence for the entire 5- or 10-year affordability period. NOTE (gap-finder): exact income limits not extracted from the linked PDF; verify before publishing.

City of Erie HOME First-Time Homebuyer Program can be used for Single Family.

City of Erie HOME First-Time Homebuyer Program serves homebuyers purchasing in Erie, Pennsylvania. The program targets specific areas: Assistance is limited to homes purchased within the City of Erie municipal limits.

Applications for City of Erie HOME First-Time Homebuyer Program go through City of Erie Department of Economic & Community Development (DECD), 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.