First-Time Home Buyer Program

First-Time Home Buyer Program is a forgivable loan for homebuyers in Centre County, Pennsylvania. Centre County (NOT 'Center County') HOME-funded FTHB DPA. Up to $5,000 0% forgivable soft second forgiven at 5 years. Centre County PA (State College area), FTHB, 80% AMI, 660 FICO, mandatory counseling. Centre County PA (NOTE: DPA One database lists this as 'Center County' which is a TYPO. correct name is 'Centre County') Planning and Community Development First-Time Home Buyer Program provides HUD HOME-funded down payment and closing cost assistance up to $5,000 to qualifying first-time homebuyers purchasing in Centre County PA (State College area, including Bellefonte and Philipsburg). 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. 660 minimum FICO. Income range $75,700-$142,700 reflects Centre County / State College MSA 80% AMI 1p-8p. 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: 660 minimum FICO. A homebuyer education course is required, through HUD-approved homebuyer counseling required (e.g., Centre County Affordable Housing Coalition, NeighborWorks). Residency requirement: Property must be located in Centre 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 Centre County PA (NOT 'Center County' - DPA One typo). First-time homebuyer required (no ownership in past 3 years). 660 minimum credit score. Income at or below 80% AMI for Centre County / State College MSA (range $75,700-$142,700 1p-8p). Borrower must complete pre-purchase homebuyer counseling at HUD-approved agency. 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 $75,700-$142,700 reflects Centre County / State College MSA 80% AMI for household sizes 1-8 (high relative to other PA counties due to Penn State / State College area). 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 as follows: Per HUD HOME 95% area median sales price for Centre County and first-mortgage loan limits. Eligible property types include 1- to 2-unit owner-occupied primary residence (single-family detached, duplex, townhouse, condominium). 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 Centre 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 directly to Centre County Planning and Community Development. Funds reserved on first-come, first-served basis subject to 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.