Lower Merion Affordable Home Purchase Program

What is Lower Merion Affordable Home Purchase Program?

Lower Merion Affordable Home Purchase Program is a silent second mortgage for homebuyers in Lower Merion Township, Pennsylvania, administered by Lower Merion Affordable Housing Corporation (LMAH) in cooperation with Lower Merion Township (counseling via Genesis Housing Corporation).

• The Lower Merion Affordable Home Purchase Program, run by the Lower Merion Affordable Housing Corporation in cooperation with Lower Merion Township, helps first-time buyers afford a home in this high-cost Main Line township by placing a zero-interest second mortgage (typically $100,000+) that reduces the monthly payment to roughly 31% of income. Up to 50% of the second mortgage is forgiven over time (25% at 10 years, 25% at 20 years), with the remainder repaid on sale/transfer. Buyers must contribute a 3% down payment, occupy the home as their primary residence, and meet income limits; preference is given to those who live or work in Lower Merion and to active volunteer firefighters.
• Zero-interest second mortgage (typically $100,000+) closing the affordability gap.
• Monthly payment capped near 31% of income.
• Up to 50% forgiven (25% at 10 yrs, 25% at 20 yrs).
• No monthly payments on the second mortgage.
• Preference for local residents/workers and volunteer firefighters.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from HUD Community Development Block Grant (CDBG) program; Lower Merion Township.

Do you have to pay it back?

Lower Merion Affordable Home Purchase Program is forgiven after 20 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Repaid upon sale or transfer of the property; resale restrictions apply.
• The assistance is recorded in Second mortgage position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Lower Merion Affordable Home Purchase Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Lower Merion Affordable Home Purchase Program limits household income to 80% of the area median income, which varies by county and household size.

• Total gross household income limits: 2 person $60,500; 3 person $68,050; 4 person $75,000. All households must have at least two people.
• 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.

Is there eligibility for specific groups?

Lower Merion Affordable Home Purchase Program names firefighters 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?

Lower Merion Affordable Home Purchase Program is a federal program, so it is not limited to Pennsylvania.

How do you apply?

Applications for Lower Merion Affordable Home Purchase Program go through Lower Merion Affordable Housing Corporation (LMAH) in cooperation with Lower Merion Township (counseling via Genesis Housing Corporation), which publishes the current terms and the application steps on its own site.

1. 1

   Contact Lower Merion Affordable Housing Corporation (LMAH) in cooperation with Lower Merion Township (counseling via Genesis Housing Corporation) to reserve funds

   Funds are reserved with the provider and are subject to availability.

2. 2

   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.