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. Funding comes from Federal HUD funds via Montgomery County / PA programs (Genesis Housing Corporation development projects).

Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown) is forgiven after 15 years, so a homebuyer 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.

Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Mandatory housing counseling via Genesis Housing Corporation. LOAN TERM 15 years. Applies only to designated Genesis-renovated properties in Pottstown/Norristown. 30-year fixed-rate first mortgage and 3% buyer contribution required. Documented via Montgomery County Partners for Homeownership; confirm current property availability directly with Genesis. GAP: per-unit dollar amount varies (price-reduction based); annual funding cap not published.

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.

Genesis Housing Corporation Renovated Home Purchase Program (Pottstown/Norristown) serves homebuyers purchasing in Pottstown / Norristown, Pennsylvania.

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. 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.