First-Time Homebuyer Fund

What is First-Time Homebuyer Fund?

First-Time Homebuyer Fund is a grant for homebuyers in Philadelphia, Pennsylvania.

• The Mt. Airy First-Time Homebuyer Fund is a neighborhood-targeted down-payment and closing-cost grant administered by the Mt. Airy Community Development Corporation. The Fund provides up to $10,000 in non-repayable grant assistance to first-time homebuyers purchasing a primary residence in the Mt. Airy neighborhood of Philadelphia. The program is funded by philanthropic contributions, foundation grants, and Philadelphia Housing Trust Fund pass-through dollars and is designed to attract owner-occupant buyers to Mt. Airy and stabilize neighborhood homeownership in a CDC-led revitalization strategy. Mt. Airy CDC layers this grant with the City of Philadelphia's Philly First Home program and PHFA programs to maximize buyer assistance.
• Up to $10,000 in down-payment and closing-cost assistance for first-time homebuyers purchasing a primary residence in the Mt. Airy neighborhood of Philadelphia (zip codes 19119 / 19150 and adjacent). Provided as a non-repayable grant funded by Mt. Airy CDC philanthropic contributions, foundation grants, and Philadelphia Housing Trust Fund pass-through. Designed to attract owner-occupant buyers to Mt. Airy and stabilize neighborhood homeownership.
• Funding comes from Local Affordable Housing Trust Fund, Philanthropic, Foundation, and Local Government.

Do you have to pay it back?

First-Time Homebuyer Fund is structured as a grant, so it is not repaid.

• Repayment is triggered by Non-repayable grant subject to recapture if the buyer fails to occupy as primary residence during the grant retention period (typically 3-5 years).
• 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 Homebuyer Fund 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 Homebuyer Fund limits household income to 120% of the area median income, which varies by county and household size.

• Household income approximately $62,500 (1-person at ~80% AMI) up to $110,700 (8-person at ~120% Philadelphia-Camden-Wilmington MSA AMI). Limits updated annually.
• 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 Homebuyer Fund caps the purchase price as follows: Tracks Mt. Airy CDC underwriting guidelines and Philadelphia neighborhood comps.

• Eligible property types include Single-family detached, Townhouse, Rowhouse, Condominium, and 2-4 unit (owner-occupied).
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

First-Time Homebuyer Fund serves buyers purchasing in Philadelphia, Pennsylvania.

• The program targets specific areas: Mt. Airy neighborhood of Philadelphia, PA (zip codes 19119, 19150, and adjacent within the Mt. Airy CDC service area).

How do you apply?

Applications for First-Time Homebuyer Fund 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 housing counseling agencies serving Philadelphia (commonly Mt. Airy CDC's own program or Clarifi); pre-purchase 8-hour education certificate required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served subject to annual Mt. Airy CDC fundraising and program 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.