Buying a Home Just Got Easier with These Programs

Let’s get this common myth about buying a home out of the way - You don’t need a 20% down payment to buy a home! While conventional mortgages require a 5% minimum down payment, there are additional options for financing your home. For example, an FHA loan helps more homebuyers become homeowners than any other type of mortgage program available. The guidelines to qualify for these loans are more flexible than a traditional mortgage, and you can put down as little as 3.5%.

For homebuyers with low to moderate income, or buyers looking to purchase in low or moderate income areas (regardless of income,) there are two great programs out there right now. Many sections of Philadelphia are considered low to moderate income due to their census tract. Nearly all of East Kensington qualifies, along with, Norris Square, Spring Arts, Olde Kensington, Newbold, Point Breeze, Brewerytown, Port Richmond and Germantown. Pockets of West Philly, South Philly, North Philly, and Northeast Philly also qualify.

If you are purchasing in one of these areas, you could qualify for a special mortgage program that only requires 1% of the total price as a down payment, and/or up to $3000 in refunds, regardless of household income.

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Neighborhood Opportunity Program offered by Bryn Mawr Trust

  • Low down payment options – as little as 3%

  • Discount on closing costs - reduced fees

  • Minimal reserves – flexible guidelines

  • Homebuyer education program – helps borrowers prepare for the loan process and home ownership

  • Seller’s assist up to 6% depending on the loan-to-value

  • Competitive mortgage rates

  • No Private Mortgage Insurance required

To find out more and to get prequalified, contact Andrew Krider at Bryn Mawr Trust. Let him know Philly Home Girls sent you!

DreamMaker® Mortgage offered by Chase

  • Low down payment options – as little as 3%

  • Reduced mortgage insurance coverage that can be canceled as you pay down principal

  • Up to $3000 toward closing costs or down payment (only for qualifying properties in a low or moderate census tract)

To find out more and get prequalified, contact Mary Cay OKeefe at Chase Home Lending. Let her know Philly Home Girls sent you!

How Philly Home Girls can help

Many people think we can only show them properties listed on our website. Not true! As a buyer agent, we can show you any home for sale. Whether it’s a specific location or budget, we’ll set up a custom home search for you so you can be notified when a new qualifying property comes on the market. There are many options out there if you are looking to take advantage of one of these programs. For example, in East Kensignton, there are currently 55 homes for sale that qualify.

Contact us today to find out more and get started on your search. We look forward to being your in-market leader, expert negotiator, fiduciary advocate, and overall guide through the homebuying process.

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