New program for downpayment assistance (sales, mortgage, loans)

[tyovan4]

First-time home buyers in Allegheny County struggling to cobble together a down payment may qualify for a grant of up to $17,500 under an assistance program set to launch Nov. 4.

Called NeighborhoodLIFT, the program is funded by Wells Fargo and administered by NeighborhoodWorks America.

To be eligible, participants must meet income requirements, be pre-approved for a mortgage and have a contract to buy a home in the county. Loans can be obtained through any participating lender, not necessarily Wells Fargo.

Homebuyers earning up to 80% of the region’s median income — which is $63,900 for an individual up to a family of four — may receive a grant of $15,000.

https://www.post-gazette.com/busines...s/201910290141

This seems like great news, and I wanted to spread the word in case this program may help anyone here on the forum.

[Independentthinking83]

Originally Posted by tyovan4

This seems like great news, and I wanted to spread the word in case this program may help anyone here on the forum.

That is great news. I really think this can help folks purchase.

[jea6321]

Im having my girlfriend apply for this grant immediately upon it opening. She is a teacher so she should qualify for the full 17,500. With her student debt (under grad and grad school) and the ridiculous low pay she receives even on her 15th year teaching, this could be a real help to getting her into a first home.

[svband76]

Originally Posted by jea6321

Im having my girlfriend apply for this grant immediately upon it opening. She is a teacher so she should qualify for the full 17,500. With her student debt (under grad and grad school) and the ridiculous low pay she receives even on her 15th year teaching, this could be a real help to getting her into a first home.

If anyone deserves home ownership it's teachers. Hopefully this works out for her.

[guy2073]

Originally Posted by jea6321

Im having my girlfriend apply for this grant immediately upon it opening. She is a teacher so she should qualify for the full 17,500. With her student debt (under grad and grad school) and the ridiculous low pay she receives even on her 15th year teaching, this could be a real help to getting her into a first home.

Does hud still offer the discount for first responders and teachers?


Here it is. I am sure there is not much available but you never know.

https://www.hud.gov/program_offices/...goodn/gnndabot

[jea6321]

Originally Posted by guy2073

Does hud still offer the discount for first responders and teachers?


Here it is. I am sure there is not much available but you never know.

https://www.hud.gov/program_offices/...goodn/gnndabot

the problem with the good neighbor next door program is its only on Hud homes in revitalization districts. When something comes up that is remotely worthwhile there is a lot of competition for it.

this program is any 1-4 unit building in allegheny county as long as the individual meets the income requirements and is a first time buyer. I assume the funds are going to be used up within a short time period as its a very generous proposition. If you keep the home for 5 years as a primary residence, the grant is fully forgiven.

now to see if I can convince her to buy a fourplex?

[Knepper3]

Yeah it is nice to see a broader program out there though it is estimated to help about 175 families. Still good but it will go quick. It seems you need to have a signed sales agreement when you apply for the grant so anyone buying would need to be willing continue through with the sale even if they are not awarded the grant or have a good Realtor to make sure they word the contract carefully.



https://www.neighborworkswpa.org/lift/

[28CarsLater]

Originally Posted by tyovan4

This seems like great news, and I wanted to spread the word in case this program may help anyone here on the forum.

I see this as the general theme of keeping the RE bubble going and I wonder if this program is also being implemented in other cities.