Purchasing - First-Time Home Buyer

As a first-time home buyer, you may qualify for a special government loan or an expanded-ratio conventional loan. Based upon your income & the number of people in your household, follow the decision-tree as depicted below to determine which loan program will be relevant. Note: The income limits stated below are for people contemplating a purchase in Chester, Delaware, Montgomery, and Philadelphia counties only. If you wish to purchase in another Pennsylvania county, call our office for the appropriate figures to insert in the decision-tree.

1) Are you a 1-person household? If not, jump down to question #2.

If so, continue - is your gross annual income below $44,800?

YES -- Do you wish to purchase in a US Dep't of Agriculture-defined "rural area" ? This would be loosely defined as southern, western, and northern Chester County, practically all of Lancaster County except for the city of Lancaster and south to the Maryland border, the western fringes of Montgomery County, and practically all of Bucks and Berks Counties. PMC has the USDA maps if you wish us to look up a particular town.

YES -- click here to go to the Guaranteed Rural Housing Program page.

NO -- you qualify for version #2 of the Community Home Buyers Program; click here to go to the Community Home Buyers Program page.

NO -- Is your income below $52,900?

YES -- you qualify for all the versions of the Community Home Buyers Program; click here to go to the Community Home Buyers Program page.

NO -- Is your income below $60,835?

YES -- you qualify for version #1 of the Community Home Buyers Program; click here to go to the Community Home Buyers Program page.

NO -- you do not qualify for any special first-time home buyer financing. We suggest that you get thoroughly prequalified to determine how much you can afford. Click here to go to the Prequalification page.

 

2) Are you a 2-person household? If not, jump to question #3.

If so, continue - is your gross, combined annual income below $51,150?

YES -- Do your wish to purchase in a US Dep't of Agriculture-defined "rural area"? This would be loosely defined as southern, western, and northern Chester County, practically all of Lancaster County except for the city of Lancaster and south to the border, the western fringes of Montgomery County, and practically all of Bucks and Berks Counties. PMC has the USDA provided maps if you wish us to look up a particular town.

YES -- click here to go to the Guaranteed Rural Housing Program page.

NO -- you qualify for all versions of the Community Home Buyers Program; click here to go to the Community Home Buyers Program page.

NO -- Is your income below $52,900?

YES -- you qualify for all of the versions of the Community Home Buyers Program; click here to go to the Community Home Buyers Program page.

NO -- Is your income below $60,835?

YES -- you qualify for version #1 of the Community Home Buyers Program; click here to go to the Community Home Buyers Program page.

NO -- you do not qualify for any special first-time home buyer financing. We suggest that you get thoroughly prequalified to determine how much you can afford. Click here to go to the Prequalification page.

 

Click here to continue on to page 2 of the Purchasing Guide for First-Time Home Buyers.

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