Anyone know anything about first time home buyers program in PA where you purchase a home and the state pays your down payment and closing cost and as long as you remain a resident for a certain time you don't have to pay it back?

Looking at a house right now by the racetrack for sale. No money for down payment but the mortgage would be $50 a week. No HOA either so would be great for setting up my chicken and rabbit hutches.


Any info would be awesome.

I have never heard of such a program... Just bought my 1st house last year and I did a lot of research into ways to keep costs down.

Are you sure you did the math right?  That would be about a $45,000 30 year mortgage.

Yup. That's how much the house costs. Well 55,000 plus the downpayment. But down payment is 11k. So 44k mortgage. It was actually 210 a month to be precise.

$50 a month mortgage payment? AND the state gives you 11k? PA taxpayers pay for this? I've never heard of any programs like this.

Eta: just saw $50 a week. No disrespect OP but I'd like to find out more about this program and where the magic money is coming from.

The program does/used to exist. I had a sister in law use it to get $10k. She sold too soon and had to pay the money back.  

I think that it was a county program at the time.

General Information
Description of ServiceReceive up to $10,000 for down payment or closing cost assistance. This program provides a second mortgage loan to eligible, first-time buyers.
LocationEast Stroudsburg
Geographical AreaMonroe County

Client Information
EligibilityTo be eligible for the program, you must:
- Have total household income of less than 100% of Monroe County's median income (call for updated guidelines)
- Use the home as your primary residence
- Be a United States citizen or resident alien
- Have good credit standing and the ability to make mortgage payments
- Complete a home ownership pre-purchase counseling certificate program

Availability

Hours of OperationMonday - Friday 8:30 am - 4:30 pm

Contact Information

Contact's [email protected]
Physical Site Address 115 S. Courtland Street
Physical Site City, State, ZipEast Stroudsburg, PA 18301
Main Phone570-421-4300
Fax570-420-9414
Service Location [email protected]

source: https://poconoinfo.communityos.org/zf/profile/service/id/1592150#

You are my friend.

that 200 a month, is that PITI?



 

Yup. House I wanted to buy is gone but I'm looking at another one that is 361 a month.

I just looked on Zillow.  There are a ton of properties in that county under $75000.... most of them look in decent shape and are what I consider nice.  most are on acre or larger lots. What gives?  no jobs in that area?

Plenty of work. Where I live it used to be a huge resort area. Very very popular. Popularity went down and there was already a huge surplus of new homes that hadnt been sold yet so combine that with all the foreclosures and that's pretty much the Poconos now. All the New York commuters got tired of the commute and said fuck it. At least that's what I've been told. Only been here a year and a half. Texas transplant but I love it.


ETA: oh and as for zillow, all the real estate people I've spoken to regard the sites as out of date. I'm told you can find foreclosures for as little as 10k.