Through the Pennsylvania Housing Finance Agency's Revitalizing Neighborhoods and Increasing Homeownership pilot program, first-time home buyers pay as little as $1,000 to purchase homes.
Hudson has loved seeing her children excited about the new house and knowing that she can pass generational wealth on to them. She’s also inspired her younger sister and a cousin to consider home ownership following a bad experience in the family. Last year, a real estate agent scammed an aunt out of her deposit.
“As far as money to get in, this really does solve a major issue for many people,” said mortgage banker Patrick Lopez atemployee and mother who recently got divorced and wasn’t able to save more than a few thousand dollars, Lopez said. She spent six months losing bids for homes, because she needed the“This program was an absolute godsend for her,” Lopez said. “If it wasn’t for this loan, she would have been really hard-pressed to buy.
That’s thanks to the $16,500 they got for the down payment as well as additional funding through the program. “We didn’t obliterate our savings,” she said. To qualify for the Philadelphia pilot of the Revitalizing Neighborhoods and Increasing Homeownership first-time home buyer program, participants must live in Philadelphia and buy a home in the city. They can make up to $196,200 in individual income and can use program funds to buy a home that costs up to $659,000. The high limits allow young professionals to qualify for assistance.