Monroe County First-Time Homebuyer Program

What is 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).

How much assistance does it provide?

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 buyers 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.

Do you have to pay it back?

Monroe County First-Time Homebuyer Program is forgiven after 10 years, so a buyer 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.

Who qualifies?

Monroe County First-Time Homebuyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved Pre-Purchase Counseling Workshop.

2. 2

   Contact Redevelopment Authority of the County of Monroe 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.