City of Williamsport Homebuyer Assistance GAP Financing Program

City of Williamsport Homebuyer Assistance GAP Financing Program is a deferred second loan for homebuyers in Williamsport, Pennsylvania, administered by City of Williamsport Department of Community & Economic Development. Uses federal HOME funds to help income-eligible households become owner-occupants of single-family housing in Williamsport. Provides up to 20% of the purchase price as a 0% interest, deferred gap-financing loan. Buyers secure a private first mortgage covering at least 80% of the purchase price, contribute at least 4% from savings, complete HUD-certified credit counseling, and the home must pass a city safe-occupancy inspection. Up to 20% of purchase price as 0% deferred gap financing. Bridges first mortgage and savings. No monthly payments during deferral. Funding comes from Federal HOME funds administered by the City of Williamsport.

City of Williamsport Homebuyer Assistance GAP Financing Program provides assistance worth 20% of the purchase price, as set by the program. Homebuyer contribution: Applicant must contribute at least 4% of the purchase price from own savings. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — City of Williamsport Department of Community & Economic Development determines any individual award.

City of Williamsport Homebuyer Assistance GAP Financing 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 0% deferred-repayment loan; property must remain the buyer's primary residence for the loan term (deferred until term end / sale / transfer / loss of owner-occupancy). The assistance is recorded in Subordinate (gap financing behind the private first mortgage). position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Williamsport Homebuyer Assistance GAP Financing Program is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through HUD-Certified Agency credit counseling class taught by a HUD-Certified Counselor (required for applicant household adults). Minimum 4% buyer contribution; first mortgage >=80% of purchase price; HUD-certified credit counseling; city safe-occupancy inspection; primary-residence requirement for loan term. First-time-homebuyer status not specified on the primary source (left blank). Verified via City of Williamsport CED primary page.

City of Williamsport Homebuyer Assistance GAP Financing Program sets its income limit as follows: Household income must not exceed HUD income limits; income verified as part of the application. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Williamsport Homebuyer Assistance GAP Financing Program can be used for Single Family.

City of Williamsport Homebuyer Assistance GAP Financing Program serves homebuyers purchasing in Williamsport, Pennsylvania.

Applications for City of Williamsport Homebuyer Assistance GAP Financing Program go through City of Williamsport Department of Community & Economic Development, which publishes the current terms and the application steps on its own site. Funds are reserved through Complete the Homebuyer Assistance Form / contact the Community & Economic Development Office; city verifies credit and income. 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.