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Homebuyers: Get $10,000 grant for a new home with this program

The housing market is a rough place for first time homebuyers right now, but many can get grants worth up to $10,000.

a home for sale that first time homebuyers could qualify for

The program is for first time homebuyers to help with the down payment on a new home.

People are struggling to save for a new home as the cost of rent rises and day to day items or services increase in price.

In addition, homes are in such high demand there simply aren’t enough.

Finger Lakes Partners (Billboard)

Grant program for first time homebuyers in Philadelphia

The grant offered in Philadelphia is known as the Philly First Home and funds $55 million dollars in grants for first time buyers.

7,000 families will benefit over the next few years.

There is no need to pay the grant back.

The program will give homebuyers $10,000 or 6% of the home price, whichever is less.

The money is expected to be used for the down payment, principal payment, or closing costs.

You need to be a first time buyer and finish homeownership counseling to qualify.

Income thresholds, according to The Sun, are as follows for family size

  • one – $66,150
  • two – $75,600
  • three – $85,050
  • four – $94,500
  • five – $102,100
  • six – $109,650
  • seven – $117,200
  • eight – $124,750

When applying, you must have your annual household income, the source of your income, and how many people will be living in the home.

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