$125,000 available to help Northumberland County residents buy homes
MILTON - The Housing Authority of Northumberland County in cooperation with the Northumberland County Board of Commissioners have announced the availability of $125,000 in funding through the Pennsylvania Department of Community and Economic Development to assist residents in Northumberland County in purchasing a home in the county as their primary place of residence.
The program represents a continuing initiative of the county and the housing authority that encourages people to purchase homes in the county by providing a portion of the down payment. A total of 56 households have received help through the program since 1997.
Eligible households must not have owned a home in the past three years or must be a homemaker displaced by divorce of other circumstances. Financial assistance up to $3,7001 per household will be available to income eligible households purchasing a home in Northumberland County in the form of down payment closing costs assistance.
The household income for the program may not exceed the following levels:
1 person, $30,350; 2 persons, $34,650; 3 persons, $39,000; 4 persons, $43,300; 5 persons, $46,800; 6 persons, $50,250; 7 persons, $53,700; and 8 persons, $57,200.
The purchase price of the home may not exceed $96,521.
In order to qualify, the household must obtain a mortgage commitment from a lending institution and an executed sales agreement before the financial assistance will be provided at closing.
Recipients of down payment and closing cost assistance under the program will have a mortgage placed against the property in the amount of the assistance provided. However, the mortgage will be forgiven 20 percent per year so the amount will become a grant after five years, assuming the household continues to reside in the property. If the property is sold before five years have elapsed, the homebuyer must pay the county whatever portion of mortgage remains.
For more information, residents are encouraged to contact the county housing authority at 570-339-5844 or by e-mail at firstname.lastname@example.org.