Dear First Time Homebuyer,

Did you know there are special federal, state and local programs out there just for you because you are buying your first home?

You may have heard there are first time buyer programs, but you have had difficulty finding information about them online. That is why I have put this page together, just for you. There are closing cost assistance programs, grant programs and special loan programs that offer below-market interest rate loans to first time homebuyers.

I specialize in helping first time homebuyers find and navigate programs designed specifically for you and of course guide you through your home purchase process start to finish. Please read on and feel free to contact me anytime with any questions you may have or to see if you qualify for a particular program.

Sincerely,

Kelly Gidzinski

P.S. Be sure to visit my Links & Online Reports page for FREE downloadable reports such as

"10 Questions to Ask Your Lender," "Common Closing Costs for Buyers," "Avoid the Most Common Buyer Errors" & More...

You may be eligible for a special mortgage loan program becuase you are a first time homebuyer.

The program provides 30-year, fixed-rate home mortgage loans to first time homebuyers at lower-than-market interest rates!!! The two most common programs available offer interest rates roughly 1/2 point to 1 point lower than the market interest rate. With the reduced interest rate, you would save THOUSANDS over the life of your loan!

With small origination fees, liberal underwriting terms and year-round availability, the program has tremendous flexibility. The programs can be used with conventional, FHA-insured, VA-guaranteed or Rural Housing Service (RHS)-guaranteed loans, and have been successfully adapted to changing market conditions throughout the state.

Home loans are financed through the sale of mortgage revenue bonds, not tax allocations. Certain federal laws regulate the kinds of mortgages that can be offered and the borrowers who are eligible to receive them, and set other requirements such as maximum purchase price and income limits. Please feel free to contact me for limitation details and/or to find a participating mortgage consultant.

You may be eligible if:

• You are a first-time homebuyer (have not owned a home in the previous three years) OR you now own or previously owned a home but you plan to buy a house in one of the 39 Target County Areas. Target counties waive the first-time homebuyer requirements. 
• Your current annual household income (income at time of application projected one year forward--not previous calendar year income) does not exceed the current income limit set by federal law (based upon family size).
• The purchase price of your prospective house does not exceed the current maximum purchase price set by federal law.
• You have an acceptable credit history and the ability to make monthly payments on the home you expect to buy. Generally, you should plan to use no more than 30 percent of your income for your monthly mortgage payment.
• You have sufficient funds to pay a loan origination fee of one percent of the mortgage amount and a qualifying fee of $300 (if applicable), plus other normal closing costs. Check with your lender to determine your specific costs. These would commonly include, such things as credit reports, appraisals, title fees, etc.
• For FHA and Conventional loans, you have a down payment between three and five percent of the purchase price. For loans with five percent down payments, two percent may be a gift from a member of your immediate family. The remaining three percent must be verified in your bank account for at least three months. For VA (Veteran's Administration) and RHS (Rural Housing Service) loans, no down payment is required. RHS loans are not available in Philadelphia and Delaware counties or other major cities. Borrowers should be aware that not all participating lenders offer FHA (Federal Housing Administration), VA or RHS loans. For more information on the various types of loans available, contact your participating lender.

Please contact me for more information on the programs available and for specific eligibility requirements.

You could be eligible to receive an INTEREST FREE loan/grant of up to $5,000 to help you with downpayment or closing costs. This program is intended to assist low and moderate income first time homebuyers. BEST OF ALL the loan is forgiven once you have lived in the home for 5 years!!!!

To qualify you must:

 **This program is availble in most but not all townships and boroughs of Delaware County. There are similar programs availble for the townships and boroughs that do not fall under this program.

Please contact me for more information on the programs available and for specific eligibility requirements.  

• Be 18 year of age or older
• Intend to occupy the property being purchased as a primary residence
• Have a total gross household income at or below 100% of the median income, adjusted for household size. (Income requirements vary by location, program, and household size. Contact me to see if you qualify.)
• Certain borowers who are legally separated, divorced, widowed, or have not owned real estate in at least 3 years may qualify for assistance even though they are not a 1st time home buyer.
• Have insufficient assets to pay for all reasonable settlement expenses.
• Established good credit
• Be able to afford monthly payments and receive a commitment for a 30 year fixed, A-paper first mortgage on the property from a lender.