About


FINANTA administers Project Reinvest: Homeownership in partnership with New Kensington Community Development Corporation (NKCDC). 

Project Reinvest: Homeownership is a down payment assistance loan program designed to advance economic recovery in the local communities most impacted by the housing crisis.

Through this program, FINANTA and NKCDC will disperse hundreds of $10,500 down payment assistance loans to eligible homebuyers in Philadelphia. 

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Eligibility


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

  1. Have a household income at or below 100% of the Area Median Income (AMI)
  2. Complete an eight-hour Homebuyer Education Course (in the last 12 months)
  3. Purchase a home in the city of Philadelphia
  4. Agree to maintain the home as a primary owner occupant residence
  5. Obtain a first mortgage loan from an approved lender

 

How It Works


Twenty-five appointments will open on the first business day of each month through NKCDC’s online reservation system. Applicants must bring these required documents to their 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.

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.

The 0% interest, deferred loan must be repaid in full when the recipient remortgages, sells, or transfers the title of the home.

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Approved Lenders


FINANTA
Allied Mortgage Group
Boulevard Mortgage
Customers Bank
Firstrust Bank
Habitat for Humanity Philadelphia
Meridian Bank
Prime Lending
Quaint Oak Mortgage
Supreme Lending