First Time Homebuyer Grant Programs
Available within Montgomery County
Genesis Housing Corporation
610-275-4357
Type: Purchase a Renovated Home in Pottstown or Norristown
- Interest Rate: 0% / 15 Year Term
- Assistance Available: Property is reduced by 20% of the market value – A 2nd lien is placed for the amount of the price reduction.
- Repayment: None, unless home is sold, refinanced, rented or transferred.
- Required Documents: Subordinate Mortgage Agreement, Note & Mortgage
- Income Restrictions: Household income not to exceed 80% median income
- Property / Location: Selected Properties in Norristown and Pottstown.
- Counseling: Mandatory Counseling
- Special Features: Applicants required to obtain a 30 year fixed rate mortgage and put in 3% of their own funds.
Lower Merion Township
610-645-6271
Type: Purchase a renovated home in Lower Merion
- Interest Rate: 0% / 15 Year Term
- Assistance Available: Difference between sales price of property & mortgage amount
- Repayment: None, unless home is sold or transferred within 15 years and requires a split of profit if any is received.
- Required Documents: Subordinate Mortgage Agreement, Note and Deed Restriction.
- Income Restrictions: Household income not to exceed 80% median income.
- Property / Location: Township of Lower Merion
- Counseling: Mandatory Classes
- Special Features: Applicant required to contribute $3,000 toward property.
Montgomery County Housing & Community Development 1st Time Homebuyer Program
610-278-3540
Type: Down Payment and Closing Cost Assistance
- Interest Rate: 0% / 15 Year Term
- Assistance Available: Up to 10% of sales price not to exceed $10,000.00. Amount is based on what is needed for closing and 2 months mortgage reserve
- Repayment: None, unless home is sold, refinanced, rented or transferred
- Required Documents: Subordinate Mortgage Agreement, Note and Deed Restriction
- Income Restrictions: Household income not to exceed 100% median income
- Property / Location: Single Family anywhere in County Limits
- Counseling: Mandatory pre- and post-purchase
- Special Features: Applicants required to put in 3% of their own funds. $25 application fee
Montgomery County Housing Authority
610-275-5720
Type: (Section 8) Housing Choice Voucher Program Homeownership Option
- Interest Rate: 0% / 8 Year Term
- Assistance Available: 10% maximum grant – 8% twoards closing costs, 2% towards down payment, PLUS monthly mortgage subsidy.
- Repayment: None, unless home is sold, refinanced, rented or transferred within 8 years.
- Required Documents: Subordinate Mortgage, Note with Deed Restriction
- Income Restrictions: Household income 30% – 50% Median Income
- Property / Location: Single Family Residence in Montgomery County
- Counseling: Mandatory pre- and post-purchase
- Special Features: Designed so very low to low income families can be successful in homeownership.
Municipality of Norristown
610-270-0451
Type: Down Payment and Closing Cost Assistance
- Interest Rate: 0% / 5 Year Term
- Assistance Available: $2,500 towards down payment, $2,500 towards closing costs
- Repayment: None, unless home is sold, refinanced, rented or transferred
- Required Documents: Consent to lien form (this is a second mortgage)
- Income Restrictions: Household income not to exceed 80% median income
- Property / Location: Municipality of Norristown
- Counseling: Mandatory Classes
- Special Features: Applicants required to put in 3% towards property cost
