Monroe County First-Time Homebuyer Program

Monroe County First-Time Homebuyer Program is a forgivable loan for homebuyers in Stroudsburg, Pennsylvania, administered by Redevelopment Authority of the County of Monroe. The Monroe County RDA First-Time Homebuyer Program offers income-eligible first-time buyers a no-interest second mortgage up to $20,000 (or 20% of price, whichever is less) toward down payment and/or closing costs, plus an additional $5,000 for buyers who have lived in Monroe County at least 12 consecutive months. The loan is forgiven 10%/yr over a 10-year affordability period. No-interest forgivable second mortgage up to $20,000 (20% of price). +$5,000 local-resident bonus. forgiven over 10 years. Funding comes from Monroe County Affordable Housing Trust Fund (Act 137).

Monroe County First-Time Homebuyer Program offers up to $25,000 in assistance. Award tiers: Up to $20,000 or 20% of purchase price (whichever is less), plus an additional $5,000 for applicants who have lived in Monroe County at least 12 consecutive months (up to $25,000 total). The program asks homebuyers to contribute 3% of purchase price from buyer's own funds. Amounts are the program's published maximums, not an offer — Redevelopment Authority of the County of Monroe determines any individual award.

Monroe County First-Time Homebuyer Program is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Repayment may apply within the 10-year affordability period if the property is sold/transferred, the borrower ceases to occupy it as primary residence, the first mortgage is paid off or refinanced above the original purchase price, or on default/misrepresentation. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Monroe County First-Time Homebuyer Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time = not owned a home in the past 3 years. On credit, the program states: Good credit standing and ability to pay; reviewed by the participating first-mortgage lender. A homebuyer education course is required, through HUD-approved Pre-Purchase Counseling Workshop. Residency requirement: Property must be in Monroe County; +$5,000 for 12+ months Monroe County residents. Citizenship or immigration status: U.S. citizen or permanent resident alien. Apply via Neighborly portal. Must contribute 3% own funds and complete HUD pre-purchase counseling.

Monroe County First-Time Homebuyer Program limits household income to 100% of the area median income, which varies by county and household size. Household income at or below 100% of Monroe County median income (HUD-based, annual). 4-person $104,400. 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.

Monroe County First-Time Homebuyer Program caps the purchase price as follows: Must not exceed the FHA maximum home purchase price for the area (subject to change). Eligible property types include Single Family. New construction is not eligible.

Monroe County First-Time Homebuyer Program serves homebuyers purchasing in Stroudsburg, Pennsylvania.

Applications for Monroe County First-Time Homebuyer Program go through Redevelopment Authority of the County of Monroe, 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.