Project Reinvest Homeownership Program

 

About Project Reinvest Image

FINANTA partners with the Project Reinvest Homeownership Program.  This Program is for down payment assistance and designed to advance economic development in our local communities.  The Program serves low- to moderate-income first-time homebuyers in the City of Philadelphia, and provides eligible homebuyers with a 0% interest, deferred mortgage loan.  This mortgage loan is due when the homeowner sells, re-mortgages, or transfers the title.  Mortgage loans may be used for down payment, closing costs, or out-of-pocket expenses.  Through this Program, FINANTA has provided hundreds of $10,500 down payment assistance mortgage loans to eligible homebuyers.  

Program Eligibility

 

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

  1. Have a household income at or below 100% of the Area Median Income (AMI)
  2. Be under contract to purchase a home in the city of Philadelphia
  3. Agree to maintain the home as the primary residence for the term of the mortgage loan
  4. Obtain a first mortgage loan from a certified mortgage lender or FINANTA

*Note, if a buyer already owns a property in the United States (including Puerto Rico), they will not qualify for this Program.