Local banks or mortgage companies will be encouraged to offer discounted interest rates and fees for first time buyers. Primary Lenders: Applicants are required to secure a first mortgage. Loans that are made in County designated Revitalization Areas are forgiven if the homeowner remains in the home for 5 years. The loan may be subordinated if refinanced for a lower interest rate. Terms of Assistance: 0% interest loan that is repayable upon sale or transfer of the property or if the loan is refinanced for debt consolidation. Total assistance will not exceed $10,000 and may be used for down-payment and/or closing costs. Homebuyer Assistance: Each applicant will be evaluated based upon income, credit history, and available assets. Renter occupied properties, duplexes and properties that are located in and pay property taxes to Chester City, Haverford Township or Upper Darby Township are also not eligible. condominium) which are in compliance with County housing quality standards. Homebuyers are only eligible for funds through the Homeownership First Program once.Įligible Properties: Single family, residential, owner occupied houses (detached, twin, rowhouse, townhouse or apt. A first time homebuyer is someone who has not owned a home in the last three (3) years, or is a displaced homemaker.

Purpose: To provide homeownership opportunities to first time homebuyers in Delaware County through pre and post purchase homeownership counseling, as well as, downpayment and closing cost assistance.Įligible Homebuyers: Low- and moderate-income first time homebuyers (see income limits below), purchasing a home in Delaware County (to view list of HOFirst Communities use the link above).

Haverford township transfer tax