FINANTA is pleased to announce it will be accepting the new down payment assistance program from the City of Philadelphia in conjunction with FINANTA FIRST AND KLP mortgages.
Philly First Home program will provide up to $10,000 (or 6% of the purchase price, whichever is less) in assistance. The recipient must:
- Be a first-time homebuyer or a buyer who has not owned a home for at least three years
- Be a resident of the City of Philadelphia for three years and must purchase a home in Philadelphia
- Have a household income at or below 120% Area Median Income (AMI)
- Complete housing counseling at a DHCD funded housing counseling agency
Program starts around mid June, most likely July 1st.
Councilmember Maria D. Quiñones-Sánchez, 7th District: “We are proud of Philadelphia’s relatively high homeownership rates, despite our city’s poverty. Providing the small boost enabling more of our neighbors to become homeowners, this is another great tool in our toolbox to expand affordable housing options in our city.”
Financial assistance provided by the program will become a lien on the property subordinated to the first mortgage. During the first 15 years of ownership, the lien will become due and payable upon the sale or lease of the home or the refinancing of the first mortgage to take cash out of the property. Upon completion of the 15 years of ownership, the lien shall be forgiven.
For more information on the new Philly First Home, please click here: http://ohcdphila.org/news-2/press/
For more information on FINANTA mortgages, please contact Frederick Rivera at FrederickRivera@finanta.org.