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.

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.

State College Borough First-Time Home Buyer 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. A homebuyer education course is required, through The HOME Foundation (HUD-certified counselor); minimum 4 hours pre-purchase counseling/education; annual post-purchase counseling for first 5 years. Residency requirement: Home must be within the Borough of State College. Assistance amount determined per applicant via Borough Mortgage Analysis (no fixed amount published). Mandatory counseling/education (min. 4 hrs) via The HOME Foundation; mortgage pre-approval required; annual post-purchase counseling for first 5 years.

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.

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

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

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