Project Reinvest: Homeownership

 

About Project Reinvest Image

In partnership with New Kensington Community Development Corporation (NKCDC), FINANTA administers Project Reinvest: Homeownership. Project Reinvest is a down payment assistance loan program designed to advance economic recovery in the local communities most impacted by the housing crisis. The program serves low- to moderate-income first-time homebuyers in the city of Philadelphia.

Project Reinvest provides eligible homebuyers with a 0% interest, deferred loan due when the loan recipient sells or remortgages the home or transfers the title. Loans may be used for down payment, closing costs, or borrower minimum out-of-pocket investment if allowed by the approved first mortgage lender and/or other layers of financing used by the homebuyer.

Through this program, FINANTA and NKCDC will disperse hundreds of $10,500 down payment assistance loans to eligible homebuyers in Philadelphia. Twenty-five appointments open on the first business day of each month through NKCDC’s online reservation system. Applicants must schedule the appoint for at least 30 days before their settlement date and bring these required documents to the appointment. If an application is approved, the $10,500 loan will be provided at closing in the form of a mortgage secured through purchase of the property.

Program Eligibility

 

To qualify for a Project Reinvest: Homeownership down payment assistance loan, the homebuyer(s) must:

  1. Not have already received funding through the NeighborhoodLIFT program
  2. Have a household income at or below 100% of the Area Median Income (AMI)
  3. Complete an eight-hour Homebuyer Education Course (in the last 12 months), from eHome America, Framework, Affordable Housing Centers of Pennsylvania, Esperanza, Urban League of Philadelphia, Mount Airy USA, NKCDC, Philadelphia Chinatown Development Corporation, United Communities Southeast Philadelphia, or Southwest Community Development Corporation.
  4. Be under contract to purchase a home in the city of Philadelphia, with a settlement date that is at least 30 days after the Project Reinvest appointment
  5. Agree to maintain the home as a primary owner occupant residence for the life of the mortgage
  6. Obtain a first mortgage loan from an approved Project Reinvest: Homeownership lender

Philadelphia houses for Project Reinvest Page

 

 

 

 

Approved Lenders

FINANTA office for Project Reinvest page

FINANTA

Allied Mortgage Group

BB&T Bank

Boulevard Mortgage

Customers Bank

Firstrust Bank

First Heritage Mortgage

Greentree Mortgage

Habitat for Humanity Philadelphia

M&T Bank

Meridian Bank

PNC Bank

Prime Lending

Quaint Oak Mortgage

Santander

Supreme Lending

Wells Fargo Bank