Local Program
Philadelphia Philly First Home Program | Pennsylvania Hou...
Philadelphia Philly First Home Program delivers affordable financing and up to $10,000 or 6% of price through the local housing authority, empowering homebuyers across Pennsylvania.
Program Details
**Philadelphia Philly First Home Program** is a flagship the local housing authority initiative designed to
expand sustainable homeownership across Pennsylvania. The program pairs competitive first‑mortgage financing
with up to $10,000 or 6% of price or related incentives. Borrowers complete HUD‑approved counseling, gain
access to free post‑purchase education, and may layer additional assistance such as Mortgage Credit
Certificates or local grants. Funds are available statewide and disbursed through a network of PHFA‑approved
lenders. Applicants benefit from predictable fixed‑rate terms, no prepayment penalties, and a streamlined
underwriting process that recognizes alternative credit histories. For homeowners undertaking renovations,
escrow accounts ensure contractors are paid as milestones are met, protecting borrowers and improving project
quality.
expand sustainable homeownership across Pennsylvania. The program pairs competitive first‑mortgage financing
with up to $10,000 or 6% of price or related incentives. Borrowers complete HUD‑approved counseling, gain
access to free post‑purchase education, and may layer additional assistance such as Mortgage Credit
Certificates or local grants. Funds are available statewide and disbursed through a network of PHFA‑approved
lenders. Applicants benefit from predictable fixed‑rate terms, no prepayment penalties, and a streamlined
underwriting process that recognizes alternative credit histories. For homeowners undertaking renovations,
escrow accounts ensure contractors are paid as milestones are met, protecting borrowers and improving project
quality.
Eligibility Requirements
- U.S. citizen, permanent resident, or qualifying non‑citizen.
- Minimum 620 middle credit score (680 for conventional products).
- Household income not exceeding county‑specific PHFA limits (e.g., $124,500 in Philadelphia).
- Purchase‑price cap aligned with FHA/VA limits or $548,250, whichever is less.
- Completion of an 8‑hour HUD‑approved homebuyer workshop and PHFA one‑on‑one counseling session.
- Property must pass PHFA health & safety inspection; manufactured homes must be double‑wide or larger.
- Minimum 620 middle credit score (680 for conventional products).
- Household income not exceeding county‑specific PHFA limits (e.g., $124,500 in Philadelphia).
- Purchase‑price cap aligned with FHA/VA limits or $548,250, whichever is less.
- Completion of an 8‑hour HUD‑approved homebuyer workshop and PHFA one‑on‑one counseling session.
- Property must pass PHFA health & safety inspection; manufactured homes must be double‑wide or larger.
Program Benefits
- **Up to $10,000 or 6% of price** applied toward down payment, closing costs, or rehabilitation escrow.
- 30‑year fixed‑rate mortgage below market averages.
- No recapture tax for loans held ≥ 9 years.
- Waived mortgage insurance for HFA Preferred loans with ≥ 20 % equity.
- Access to PHFA’s foreclosure‑prevention hotline and counseling network.
- 30‑year fixed‑rate mortgage below market averages.
- No recapture tax for loans held ≥ 9 years.
- Waived mortgage insurance for HFA Preferred loans with ≥ 20 % equity.
- Access to PHFA’s foreclosure‑prevention hotline and counseling network.
How to Apply
1. **Pre‑approval:** Choose a PHFA‑approved lender; complete credit and income review.
2. **Education:** Finish an 8‑hour HUD class plus PHFA counseling; obtain completion certificate.
3. **Loan reservation:** Lender locks PHFA rate and reserves assistance funds via the PHFA portal.
4. **Underwriting & appraisal:** Provide bank statements, tax returns, home inspection, and appraisal.
5. **Closing:** Sign first‑mortgage and subordinate‑lien docs; assistance funds disbursed at settlement.
6. **Post‑purchase:** Occupy the home as primary residence within 60 days; maintain property insurance; return for optional budget coaching within 12 months.
2. **Education:** Finish an 8‑hour HUD class plus PHFA counseling; obtain completion certificate.
3. **Loan reservation:** Lender locks PHFA rate and reserves assistance funds via the PHFA portal.
4. **Underwriting & appraisal:** Provide bank statements, tax returns, home inspection, and appraisal.
5. **Closing:** Sign first‑mortgage and subordinate‑lien docs; assistance funds disbursed at settlement.
6. **Post‑purchase:** Occupy the home as primary residence within 60 days; maintain property insurance; return for optional budget coaching within 12 months.
Program Overview
Category
Local Program
Maximum Assistance
$6
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.