First Time Home Buyers Program

What is First Time Home Buyers Program?

First Time Home Buyers Program is a forgivable loan for homebuyers in Bucks County, Pennsylvania.

• Bucks County HOME-funded FTHB DPA. Up to $10,000 0% forgivable soft second forgiven at 5 years. Bucks County PA (excluding Bensalem and Bristol Township), FTHB, 80% AMI, mandatory counseling.
• Bucks County Department of Housing & Community Development First Time Home Buyers Program provides HUD HOME-funded down payment and closing cost assistance up to $10,000 to qualifying first-time homebuyers in Bucks County PA (excluding Bensalem and Bristol Township, which are CDBG entitlement communities with their own homebuyer programs). 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. Income range $73,800-$139,200 reflects Bucks County 80% AMI for household sizes 1-8 (Philadelphia-Camden-Wilmington MSA).
• Funding comes from Federal and HOME.

Do you have to pay it back?

First Time Home Buyers Program is forgiven after 5 years, so a buyer 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.

Who qualifies?

First Time Home Buyers Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

First Time Home Buyers Program limits household income to 80% of the area median income, which varies by county and household size.

• Income range $73,800-$139,200 reflects Bucks 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.

What kind of home can it be used for?

First Time Home Buyers Program caps the purchase price as follows: Per HUD HOME 95% area median sales price for Bucks County and first-mortgage loan limits.

• 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.

Is there eligibility for specific groups?

First Time Home Buyers 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.

Where does it apply?

First Time Home Buyers Program serves buyers purchasing in Bucks County, Pennsylvania.

How do you apply?

Applications for First Time Home Buyers Program go through the administering agency, 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-approved homebuyer counseling required (e.g., Bucks County Housing Group, AAA United Way, NeighborWorks)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply directly to Bucks County HCD. Funds reserved on first-come, first-served basis subject to annual HOME allocation., 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.