Philadelphia announced that it will be introducing the Philly First Home program, which allows aspiring homeowners to receive up to $10,000 or 6% from the city for the purchase of a home. The Division of Housing & Community Development announced that this program will be launched in June and will be available for qualified individuals to use towards a down payment of closing costs. To qualify, individuals must be a first-time homebuyer who has resided in Philadelphia for 3 years and must have a household income at or below 120% Area Median Income. The participant must also complete housing counseling and the financial help will then become a lien on the property’s first mortgage.
Stay tuned for more details on this program in the future and how you can take advantage of it!
