First Time Home Buyer Program

First Time Home Buyer Program is a forgivable loan for homebuyers in Chester County, Pennsylvania. Chester County HOME-funded FTHB DPA via HPCC. Up to $10,000 0% forgivable soft second forgiven at 5 years. Chester County PA, FTHB, 80% AMI, max purchase price $496,850, 640 FICO, mandatory HPCC counseling. Housing Partnership of Chester County (HPCC) First Time Home Buyer Program provides HUD HOME-funded down payment and closing cost assistance up to $10,000 to qualifying first-time homebuyers purchasing in Chester County PA (NOT the city of Chester, which is in Delaware County). HPCC is the statutory housing-counseling agency for Chester County. Maximum purchase price $496,850 (HUD HOME 95% area median sales price for Chester County, which has very high median home prices). The DPA is a 0% interest deferred forgivable second mortgage forgiven at 5 years per HUD HOME rules. Pairs with FHA, VA, USDA, or Conventional first mortgage. 640 minimum FICO. Income range $66,850-$126,100 (Chester County 80% AMI 1p-8p, Philadelphia-Camden-Wilmington MSA). Funding comes from Federal and HOME.

First Time Home Buyer Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by 5-year HUD HOME affordability period. If property is sold/refi/transferred or borrower vacates within 5 years, unforgiven balance due in full. Forgiven at 5 years of continuous owner-occupancy. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

First Time Home Buyer 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 required (no ownership in past 3 years), with HUD HOME exceptions for displaced homemakers and single parents. On credit, the program states: 640 minimum FICO. A homebuyer education course is required, through Housing Partnership of Chester County (HUD-approved housing counseling agency) - HPCC's pre-purchase counseling and homebuyer education classes are required. Residency requirement: Property must be located in Chester County PA and used as borrower's primary residence. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product and HUD HOME rules. Property must be located in Chester County PA. First-time homebuyer required (no ownership in past 3 years). Maximum purchase price $496,850. 640 minimum credit score. Income at or below 80% AMI for Chester County / Philadelphia-Camden-Wilmington MSA (range $66,850-$126,100 1p-8p). Borrower must complete HPCC pre-purchase homebuyer counseling. Property must be borrower's primary residence. Soft second forgiven at 5 years of continuous owner-occupancy per HUD HOME rules.

First Time Home Buyer Program limits household income to 80% of the area median income, which varies by county and household size. Income range $66,850-$126,100 reflects Chester County / Philadelphia-Camden-Wilmington MSA 80% AMI for household sizes 1-8. 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.

First Time Home Buyer Program caps the purchase price at $496,850. Eligible property types include 1- to 2-unit owner-occupied primary residence (single-family detached, duplex, condominium, townhouse). New construction is eligible. Manufactured homes are not eligible.

First Time Home Buyer Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

First Time Home Buyer Program serves homebuyers purchasing in Chester County, Pennsylvania.

Applications for First Time Home Buyer Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply through HPCC pre-purchase counseling. Funds reserved on first-come, first-served basis subject to Chester County HOME allocation. 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.