State College Borough First-Time Home Buyer Program

What is State College Borough First-Time Home Buyer Program?

State College Borough First-Time Home Buyer Program is a deferred second loan for homebuyers in State College, Pennsylvania, administered by Borough of State College - Community Development and Housing Division.

• The Borough of State College First-Time Home Buyer Program offers CDBG/HOME-funded mortgage and closing-cost assistance to low/moderate- and middle-income households buying within the Borough, in two income tracks. Applicants complete pre-purchase counseling/education through The HOME Foundation, obtain Borough eligibility and mortgage pre-approval, and complete annual post-purchase counseling for 5 years. Assistance amounts are set per applicant via a Borough Letter of Intent and Mortgage Analysis.
• Mortgage + closing-cost assistance (amount set per applicant).
• two income tracks.
• free homebuyer education & counseling.
• Funding comes from Federal CDBG and HOME funds received by the Borough of State College.

Do you have to pay it back?

State College Borough First-Time Home Buyer Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

State College Borough First-Time Home Buyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

State College Borough First-Time Home Buyer Program sets its income limit as follows: Serves both low/moderate-income and middle-income households per the Borough's CDBG/HOME income-limit chart; applicants with excellent credit and income just under the minimum may also be considered.

• 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.

What kind of home can it be used for?

State College Borough First-Time Home Buyer Program can be used for Single Family.

Where does it apply?

State College Borough First-Time Home Buyer Program serves buyers purchasing in State College, Pennsylvania.

How do you apply?

Applications for State College Borough First-Time Home Buyer Program go through Borough of State College - Community Development and Housing Division, 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 The HOME Foundation (HUD-certified counselor); minimum 4 hours pre-purchase counseling/education; annual post-purchase counseling for first 5 years..

2. 2

   Contact Borough of State College - Community Development and Housing Division to reserve funds

   Funds are reserved through Place 'in line' set after counseling, application, Borough eligibility determination, and mortgage pre-approval., 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.