NeighborWorks Western Pennsylvania Down Payment & Closing Cost Assistance Loan

NeighborWorks Western Pennsylvania Down Payment & Closing Cost Assistance Loan is a second mortgage for homebuyers in 23 counties in Pennsylvania, administered by NeighborWorks Western Pennsylvania. A fixed-rate second-mortgage down payment and closing-cost assistance loan for eligible first-time homebuyers across 23 Western Pennsylvania counties. Requires a Conventional or FHA first mortgage from an approved lending partner, a 620+ credit score, owner-occupancy, and 8 hours of HUD-approved education plus counseling. Income limit 105% of AMI (waived in LMI census tracts); borrowers can bring as little as $1,500 of their own funds. Low borrower cash (as little as $1,500). Income eligibility waived in LMI census tracts. Covers down payment and closing costs via a fixed-rate second mortgage. Funding comes from NeighborWorks Western Pennsylvania lending capital.

NeighborWorks Western Pennsylvania Down Payment & Closing Cost Assistance Loan is a second mortgage and is repaid under the terms set by NeighborWorks Western Pennsylvania. Repayment is triggered by Repayable second mortgage — amortizing fixed-rate loan; standard repayment. The assistance is recorded in Second (subordinate to first mortgage); must meet program CLTV guidelines. position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

NeighborWorks Western Pennsylvania Down Payment & Closing Cost Assistance Loan is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: HUD first-time homebuyer definition (3-year rule with standard exceptions). On credit, the program states: Minimum credit score 620. A homebuyer education course is required, through 8 hours HUD-approved homebuyer education (online via eHome America) plus a 1-hour budget/loan review with a NeighborWorks WPA counselor before closing; post-purchase counseling at 6 months and annually for 7 years. 8 hours HUD education + 1-hour counseling pre-closing; post-purchase counseling 6 months and annually for 7 years; 620 min credit; first mortgage from an approved lending partner. Serves 23 western PA counties. Verified via NeighborWorks WPA eligibility/requirements pages and HUD income-limits PDF; interest rate and amount range not published on site (left blank).

NeighborWorks Western Pennsylvania Down Payment & Closing Cost Assistance Loan limits household income to 105% of the area median income, which varies by county and household size. 105% of AMI. Pittsburgh HUD Metro (2022) at 105%: 1 $69,700 ... 4 $99,550 ... 8 $131,450. For the 17 counties outside the Pittsburgh Metro, 105% of that county's AMI applies. Income eligibility WAIVED for purchases in a Low/Moderate-Income census tract (FFIEC). 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.

NeighborWorks Western Pennsylvania Down Payment & Closing Cost Assistance Loan can be used for Single Family.

NeighborWorks Western Pennsylvania Down Payment & Closing Cost Assistance Loan serves homebuyers purchasing in 23 counties in Pennsylvania. Counties served: Allegheny, Armstrong, Beaver, Butler, Clarion, Clearfield, Crawford, Elk, Erie, Fayette, Forest, Greene, Huntingdon, Indiana, Jefferson, Lawrence, McKean, Mercer, Somerset, Venango, Washington, Warren, and Westmoreland.

Applications for NeighborWorks Western Pennsylvania Down Payment & Closing Cost Assistance Loan go through NeighborWorks Western Pennsylvania, which publishes the current terms and the application steps on its own site. Funds are reserved through Borrower obtains a first mortgage from an approved lending partner; NeighborWorks WPA underwrites/originates the second mortgage. 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.