Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown)

What is Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown)?

Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown) is a silent second mortgage for homebuyers in Pottstown / Norristown, Pennsylvania, administered by Genesis Housing Corporation.

• Genesis Housing Corporation offers a first-time homebuyer program to purchase selected renovated homes in Pottstown or Norristown. The sales price is effectively reduced by 20% of market value, with a 0% interest second lien (15-year term) placed for the reduction amount; no repayment is required unless the home is sold, refinanced, rented, or transferred. Buyers must be at or below 80% AMI, obtain a 30-year fixed-rate mortgage, contribute 3% of their own funds, and complete mandatory counseling.
• Buy a renovated home at 20% below market value.
• 0% interest second lien, 15-year term.
• No repayment unless sold/refinanced/rented/transferred.
• Mandatory counseling and support included.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Federal HUD funds via Montgomery County / PA programs (Genesis Housing Corporation development projects).

How much assistance does it provide?

Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown) provides assistance worth 20% of the purchase price, as set by the program.

• Buyer contribution: Applicants required to contribute 3% of their own funds.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — Genesis Housing Corporation determines any individual award.

Do you have to pay it back?

Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown) is forgiven after 15 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Repaid if the home is sold, refinanced, rented, or transferred (within the 15-year term).
• The assistance is recorded in Second 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?

Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown) limits household income to 80% of the area median income, which varies by county and household size.

• Household income not to exceed 80% of area median income.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Where does it apply?

Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown) is a federal program, so it is not limited to Pennsylvania.

How do you apply?

Applications for Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown) go through Genesis Housing Corporation, 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 Mandatory housing counseling via Genesis Housing Corporation..

2. 2

   Contact Genesis Housing Corporation to reserve funds

   Funds are reserved with the provider 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.