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. Funding comes from HUD Community Development Block Grant (CDBG) program; Lower Merion Township.

Lower Merion Affordable Home Purchase Program is forgiven after 20 years, so a homebuyer 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.

Lower Merion Affordable Home Purchase Program 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. Residency requirement: Special preference for people who currently live or work in Lower Merion (and active Lower Merion volunteer firefighters). LOAN TERM: forgiveness over 20 years (25% at 10 yrs, 25% at 20 yrs; remainder due on sale/transfer). Households must have at least two people. 3% down payment required. Resale restrictions; rentals prohibited. Funded through HUD CDBG. Counseling via Genesis Housing Corporation (610-275-4357). GAP: no fixed dollar assistance cap (amount is gap-based).

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.

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.

Lower Merion Affordable Home Purchase Program serves homebuyers purchasing in Lower Merion Township, Pennsylvania.

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. 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.