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 local communities most impacted by the housing crisis. The program serves low- to moderate-income first-time homebuyers in Philadelphia County.

Project Reinvest provides eligible homebuyers with a 0% interest, deferred loan due when the loan recipient sells, re-mortgages the home, or transfers 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 have provided 290+ second mortgages of $10,500 each to 290+ eligible homebuyers. 

Program Eligibility

 

To qualify for a Project Reinvest: Home ownership 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

*Note, if a buyer already owns a property in the United States (including Puerto Rico), they will not qualify for a Project Reinvest loan. Those who are willing and able to transfer title will be given time, likely until the end of their conditional approval period, to do so and will need documentation of the process. This is assuming the lender does not cancel their Pre-approval nor do they lose their executed Agreement of Sale.

 

 

 

 

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

 

 Lenders: Contact projectreinvest@finanta.org