First-Time Home Buyers Program

First-Time Home Buyers Program is a deferred second loan for homebuyers in Monroe County, Pennsylvania. The Monroe County Redevelopment Authority First-Time Home Buyers Program provides up to $10,000 in down-payment and closing-cost assistance to income-qualified first-time homebuyers purchasing a primary residence anywhere in Monroe County, PA. The program is funded through HUD HOME pass-through dollars administered by the Monroe County RDA. Assistance is recorded as a 0% interest deferred / forgivable second mortgage with a 5-year affordability period; the lien is forgiven pro-rata as long as the buyer continues to occupy the property as their primary residence. The program is targeted at the Pocono housing market. Up to $10,000 in down-payment and closing-cost assistance as a 0% interest deferred / forgivable second mortgage for first-time homebuyers purchasing a primary residence in Monroe County (Pocono area). Funds are HUD HOME pass-through dollars and are forgiven on a pro-rata basis over the 5-year affordability period if the buyer remains in the home as their primary residence. Funding comes from HOME, Federal, and Local Government.

First-Time Home Buyers Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Forgiven pro-rata over a 5-year affordability period and full balance due if the buyer sells, refinances with cash-out, transfers title, or ceases to occupy the home as primary residence within the 5-year period. The assistance is recorded in 2 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 Buyers 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 (no ownership of principal residence in prior 3 years) or displaced homemaker. On credit, the program states: Underwriting follows the buyer's first-mortgage product; no published RDA credit floor. A homebuyer education course is required, through HUD-approved housing counseling agencies serving Monroe County; pre-purchase homebuyer education certificate required prior to closing. Residency requirement: Property must be located in Monroe County, PA and be the buyer's primary residence for the 5-year affordability period. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HUD HOME rules. Buyer must be a first-time homebuyer (no ownership of principal residence in the prior 3 years) or a displaced homemaker. Property must be located in Monroe County, PA, and be the buyer's primary residence for the duration of the affordability period. Household income may not exceed 80% of HUD AMI for the Monroe County (East Stroudsburg, PA HMFA): 1-person ~$63,437 up to 8-person ~$119,625. Buyer must complete HUD-approved homebuyer education and contribute a minimum of 1% of the purchase price from their own funds. Property must pass a HUD HQS / lead-based paint inspection. Loan is recorded as a second mortgage and forgiven over a 5-year affordability period.

First-Time Home Buyers Program limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% Monroe County (East Stroudsburg, PA HMFA) AMI: 1-person ~$63,437; 4-person ~$90,650; 8-person ~$119,625. Limits updated annually by HUD. 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 Buyers Program caps the purchase price as follows: Maximum purchase price tracks HUD HOME 95% area median purchase price for Monroe County. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

First-Time Home Buyers Program serves homebuyers purchasing in Monroe County, Pennsylvania.

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. Funds are reserved through First-come, first-served subject to annual HUD HOME funding allocation; applicants apply directly through Monroe County RDA after lender pre-approval. 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.