Pennsylvania Program description Keystone Home Loan Program To be eligible, you and any other adults who will live in your home must be first-time home buyers, meaning you cannot have owned a home within the last three years. These requirements can be waived if you buy a home in a targeted area or you're a discharged U.S. military veteran. Purchase price and income limits apply. You must have an acceptable credit history, ability to repay your loan and sufficient funds for an application fee, closing costs and down payment based on the purchase price of your home.
Whether you'll have to pay mortgage insurance will depend on your choice of conventional, USDA, VA or FHA-backed financing. Keystone Advantage Assistance Loan Program This down-payment-assistance loan, which can be paired with Pennsylvania’s purchase programs, can help cover down payment and closing costs of up to 4 percent of the of the purchase price (maximum $6,000) in the form of a second mortgage at a 0 percent interest rates.
This loan is repaid over a 10 year term. Borrowers must have a credit score of at least 660, and cannot have liquid assets of more than $50,000. HFA Preferred Risk Sharing (No MI) The No MI program offers a conventional mortgage with a 30-year fixed-rate term, structured so you won't have to pay mortgage insurance (MI) even if your down payment is less than 20 percent of your home's purchase price.
Instead, your loan might have a slightly higher interest rate. To be eligible, you must have an acceptable credit history and ability to make mortgage payments, which will be not more than 30 percent of of your income, and there are income limits based upon household size and location. You'll have to pay an application fee and closing costs and contribute at least $1,000 of your own money toward your down payment.
The remaining funds can be a gift or from a down payment assistance program. HFA Preferred (Lo MI) The Lo MI program also offers a conventional mortgage with a 30-year fixed-rate term, but you will need to pay for mortgage insurance if your down payment is less than 20 percent. To be eligible, borrowers must meet the same requirements listed for the Preferred Risk Sharing Program. ACCESS Home Modification Program Made in conjunction with a Keystone Home Loan or Keystone Government Loan, this program offers an interest-free deferred-payment loan to those who have a permanent disability or live with a family member who has a one and need funds to make accessibility modifications to a home they wish to buy.
This program provides a deferred payment loan, with no interest, and no monthly payment; the loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property. There are no fees associated with the loan; the minimum loan amount is $1,000 and the maximum is $10,000. Home modifications must meet the needs of the person who has a physical disability and will live in the home. Examples include bathroom modifications, installation of grab bars and handrails, lifting devices, adding a main-level bathroom or bedroom, widening doorways or hallways and other such changes.
Access Downpayment and Closing Cost Assistance Program This program can only be coupled with the ACCESS Home Modification program and and whose gross, annual household income does not exceed 80 percent of statewide family median income. The program offers an interest-free deferred-payment second loan to people who have a permanent disability or live with a family member who has a permanent disability.
The minimum loan amount is $1,000. The maximum is $15,000. This loan will become due and payable if you move out of your home or sell or transfer it to another owner. The amount of assistance is based on the borrower’s need. For any first mortgage with a loan-to-value greater than 80% (except RD and VA), the borrower is required to contribute the lesser of $1,000 or 1% of the loan amount from their own verifiable funds, and the borrower can have and have liquid assets of no more than $5,000.
HOMEstead Downpayment and Closing Cost Assistance Loan Program Homebuyers eligible for the HOMEstead program may qualify for up to $10,000 in downpayment and closing cost assistance in the form of a no-interest, second mortgage loan. HOMEstead funds are forgiven at 20 percent per year over five years for all loans closed on or after January 1, 2007. The minimum loan amount is $1,000; the maximum is $10,000.
For all loans with loan-to-values greater than 80% (except RD and VA), the borrower is required to contribute the lesser of $1,000 or 1% of the loan amount from their own verifiable funds. Renovate and Repair Loan Program Homeowners can borrow up to a maximum of $35,000 or 120 percent of the home's value for approved home repairs or renovations of their primary residence (minimum of $2,500) in the form of a 10, 15, or 20-year fixed rate loan.
Borrowers must have credit score of at least 620, but households can have a combined income no greater than 150 percent of the state’s median income. R&R loans can be a source of payment for emergency repairs to critical life–safety systems in the homes, as long as the loan application is made to the Local Program Administrator within 30 days of the repair. Purchase Improvement Loan Program Coupled with the Keystone Home Loan Program, this program allows buyers to combine a Keystone Home Loan with additional funds for home repairs or improvements.
The minimum additional loan amount is $1,000. The maximum is $15,000. The home's purchase price is subject to limits and the appraised value after completion must support the cost of the repairs. The repairs might include plumbing or electric systems, improved heating or air-conditioning systems, addition of living space, kitchen or bathroom renovation, roof replacement or energy conservation or solar energy improvements.
Up to of three inspection fees of up to $75 each may be included in the repair costs. Employer Assisted Housing (EAH) Initiative This program offers homebuyers working for a “Participating EAH Employer” (there are 49) with a 30-year fixed-rate loan and down-payment assistance. The down-payment assistance comes in the form of an interest-free 10-year loan of up to $8,000. This program targets “community employees, medical personnel, school employees, police and fire personnel, county workers, laborers, service industry staff, etc.
” Borrowers must meet the qualifications of the Keystone Advantage Program. Mortgage Credit Certificate The Mortgage Credit Certificate allows homebuyers to claim a tax credit of 20-50 percent (20%-50%) of the mortgage interest paid per year, capped at $2,000 annually. It is a dollar-for-dollar reduction against your federal tax liability; the percentage amount you can deduct depends on your annual income.
The MCC can be used in conjunction with HFA Preferred and Keystone Government programs.
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eSubscription Frequently asked questions Montgomery County's Moderately Priced Dwelling Unit (MPDU) Program offers affordably priced townhomes and condominiums - both new and resale - to first-time home-buyers who have a moderate household income (see list of minimum and maximum income levels below). MPDU buyers must be able to qualify for a mortgage; pay a down payment; pay settlement fees including advance taxes and advance insurance; and pay a monthly mortgage payment, utilities, and other costs.
The MPDU Program does not provide financing to purchase MPDUs. Special financing and down payment and closing cost assistance are available through the Housing Opportunities Commission. MPDU owners are responsible for all home maintenance, home improvements, condo and homeowner association fees (if applicable), and compliance with homeowner or condominium rules and regulations. Homes that are purchased through the MPDU Program, whether new or re-sale, have controls on them.
All new MPDUs, and some resale homes, have 30 year controls; a very few resale homes have 15 year controls. These controls are in the form of a legal document, known as MPDU restrictive covenants that states: During the control period, the owner must occupy the home as his or her primary residence. The unit may not be rented out. The owner must certify before taking occupancy that he or she will occupy the unit as his or her primary residence during the control period.
During the control period, the owner must not refinance the property for more than the controlled resale price established by the MPDU office (owners are prohibited from refinancing the property based on the market value of the property). During the control period, the owner can only sell their MPDU at the MPDU established controlled resale price through the MPDU Program. During the control period, MPDU owners must not purchase another property in the Washington Metropolitan area.
When the MPDU is sold after the control period, the owner may sell the unit at a market price and must pay 50% of the excess profit to Montgomery County. For more information see Requesting a Shared Profit Calculation. After the control period expires, it is strongly recommended that owners contact the MPDU office prior to refinancing their MPDU. Refinancing does not relieve the owner of the obligation to make a shared profit payment to the County upon sale; therefore, it is important not to refinance for the full market value.
The MPDU office can provide you with an estimate of the shared profit payment that would be owed to the County. MPDU purchasers own a home in Montgomery County at a greatly reduced price. Living in Montgomery County provides access to high quality services and schools. By purchasing an MPDU home with a standard 30-year fixed rate mortgage, the MPDU owner’s monthly mortgage payment will not increase each year, unlike rent which landlords typically increase annually.
MPDU owners are able to deduct mortgage interest and real estate taxes from their income tax. Property taxes are based on the MPDU value of the MPDU, not a "market value." MPDU owners have the freedom to make improvements to their home. (Note, however, that only certain improvements can be credited toward the resale price of an MPDU.) The maximum resale price for an MPDU home during the control period is what the MPDU owner originally paid for the MPDU, plus inflation and the cost of eligible improvements.
You are NOT eligible to participate in the MPDU purchase program if you currently own a house or have owned a house anywhere in the past five (5) years. Income Minimums and Maximums (all incomes are gross household income; that is, household income before taxes) minimum annual household income: $35,000 maximum annual household income (effective April 14,, 2017): Eligible Household Sizeand Maximum Income Household Size Maximum Income 1 $54,000 2 $62,000 3 $69,500 4 $77,000 5 $83,500 6 $89,500 7 $95,500 8 $102,000 Participants in the MPDU purchase program MUST be able to: pay a down payment, settlement fees and other closing costs, and afford the monthly mortgage and other expenses for the property.
Financing. Applicants for the MPDU purchase program must provide a mortgage pre-qualification letter from an HOC approved Mortgage Lender in an amount of at least $120,000. The MPDU Program does not provide financing. Special financing and down payment and closing cost assistance are also available through the Housing Opportunities Commission (HOC). The primary applicant in a household for an MPDU must be a permanent resident of the United States.
The applicant must certify that they are a U.S. citizen, or are a lawful permanent resident (a green card holder). All adult wage earners in a household must be able to provide a copy of their U.S. Federal Tax Return for the most recent filing year. Step 1: Attend First-Time Home-Buyer Class Step 2: Attend MPDU Orientation Seminar Step 3: Attend MPDU Application Session The MPDU Program does not mail applications for the MPDU purchase program.
New, first-time home-buyers in the MPDU program need to attend the first two required training sessions (Steps 1 and 2) in order to receive an application to participate in the MPDU program. They must then attend an Application Session (Step 3) to turn in their completed application. These classes are designed to answer all questions about the MPDU program, provide information about the MPDU purchase application and selection process, and provide information about home ownership responsibilities.
Current participants in the MPDU Program who have already taken the first two classes and who have already received a Certificate of Eligibility do not need to take the first two classes again - however, they must still attend an MPDU Application Session (Step 3) to turn in their renewal application and supporting documents. Note: Incomplete applications will not be accepted. Applicants must not sign up for the MPDU Application Session until they: attend a First-Time Home-Buyer Class, attend the MPDU Orientation Seminar, obtain a mortgage pre-qualification letter from an HOC approved lender, gather all other documents needed for the application (as identified in the application folder), and complete and sign the MPDU application.
Steps and Instructions Step Instruction Step 1: Attend a First-Time Home-Buyer Class Montgomery County has arranged for Housing and Community Initiatives (HCI) to conduct First Time Homebuyer classes for the MPDU program. These home-buyer classes are held in the Council Office Building (COB) an average of three (3) times per month. Click here to sign up for a Montgomery County MPDU sponsored First-Time Home-Buyer Class.
Note: It is important to arrive on time for these sessions. If you arrive late, you will not be able to attend the class and you must reschedule. After completing this class, you will receive a First-Time Home-Buyer Class Certificate of Completion. The MPDU program will accept a Certificate of Completion from another first-time homebuyer class, but only if the class: Has been taken within the previous two years, Is conducted by a nonprofit housing counseling agency certified by the U.
S. Department of Housing and Urban Development (HUD) (you must provide documentation that the organization is HUD certified), and Is conducted in person (is not an online-workshop) and is at least three hours long. Several groups provide First-Time Homebuyer classes in Montgomery County, including: Step 2: Attend an MPDU Orientation Seminar Attend an MPDU Orientation Seminar where you will learn about the program benefits, application and selection processes, and program rules.
You must take the First Time Homebuyer Class before the Orientation Seminar. These MPDU Orientation Seminars are generally held once per month in the Council Office Building (COB). Click here to sign up for an MPDU Orientation Seminar. Note: It is important to arrive on time for these sessions. If you arrive late, you will not be able to attend the seminar and you will have to reschedule. After completing this seminar, you will receive the Application packet for the MPDU sales program.
Step 3: Attend an MPDU Application Session The final step in the application process is to attend an MPDU Application Session. MPDU Application Sessions are held twice a month at the MPDU Office and last approximately one hour. At the Application Session, your completed application and supporting documents will be reviewed and processed. Parking for the application session is available in the building garage in the basement.
The entrance to the parking is at the right side of the building. Parking is free after the ticket is validated after the end of the session. Click here to sign up for an MPDU Application Session. At the MPDU Application Session, you must provide ALL of the following documentation (applications with incomplete documentation will not be accepted): The completed MPDU Application form; which is given to you upon completion of the MPDU Orientation Seminar.
The First-Time Home-Buyer Class Certificate of Completion form; which is given to you upon completion of the First-Time Homebuyer's Class. A mortgage Pre-Qualification Letter. Your prequalifying letter must be from an approved HOC lender and in the format required or your application will not be accepted. Please ensure the lender letter you are providing is the original. Copies will not be accepted.
A copy of your most recent tax return along with W-2 forms. If your taxes do not show your current address and you are seeking a priority point for living in Montgomery County, proof of residency (lease, utility bill, etc.). Copies of the two most recent pay stubs for each household wage earner. Any other documents required for your application, as indicated in your application packet. Applicants must keep copies of all documents turned in at the application session.
Montgomery County budget restrictions prohibit the MPDU office from making copies.