Each year, Beaver County allocates funds towards down payment and closing cost assistance for low and moderate income people who are buying their first home in Beaver County, Pennsylvania. The First Time Buyer Program allows for a down payment and closing cost assistance grant if an applicant’s income is at or below 80% of the area’s median income. See chart below for complete income qualification guidelines.
Applicants for our First Time Buyer program must be approved by one of our partner lending institutions. If your income does not exceed the following income guidelines, you may be eligible for this program:
The amount of assistance available is determined by individual need. The applicant must not have $ 5,000.00 in liquid assets at time of closing. The amount of the assistance grant is forgiven at 20% per year and is totally forgiven after five (5) years. If the home is sold prior to the anniversary date of five (5) years the remaining grant must be repaid.
To apply for our First Time Buyer program, please contact our office to schedule an initial consultation. During your initial consultation, you may be asked to complete our online intake form and other documents relevant to your situation.
A password to access the online intake form will be provided by your HOBC counselor.