City of Williamsport Homebuyer Assistance GAP Financing Program

What is 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.

How much assistance does it provide?

City of Williamsport Homebuyer Assistance GAP Financing Program provides assistance worth 20% of the purchase price, as set by the program.

• Buyer 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.

Do you have to pay it back?

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.

Who qualifies?

City of Williamsport Homebuyer Assistance GAP Financing Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-Certified Agency credit counseling class taught by a HUD-Certified Counselor (required for applicant household adults)..

2. 2

   Contact City of Williamsport Department of Community & Economic Development to reserve funds

   Funds are reserved through Complete the Homebuyer Assistance Form / contact the Community & Economic Development Office; city verifies credit and income., 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.