First Time Homebuyer Grant Programs
Available within Montgomery County
Genesis Housing Corporation
Lower Merion Township
Montgomery County Housing and Community Development
Montgomery County Housing Authority
Norristown Borough
Federal Home Loan Bank (First Front Door Program) – Click link to go directly to FFD website for funding availability and application process
Genesis Housing Corporation
610-275-4357
Type: Purchase a Renovated Home in Pottstown or Norristown
Interest Rate: 0% / 15 Year Term
Assistance Available: Property is reduced by 20% of the market value – A 2nd lien is placed for the amount of the price reduction.
Repayment: None, unless home is sold, refinanced, rented or tansferred.
Required Documents: Subordinate Mortgage Agreement, Note & Mortgage
Income Restrictions: Household income not to exceed 80% median income.
Property / Location: Selected Properties in Norristown and Pottstown.
Counseling: Mandatory Counseling
Special Features: Applicants required to obtain a 30 year fixed rate mortgage and put in 3% of their own funds.
Lower Merion Township
610-645-6271
Type: Purchase a renovated home in Lower Merion
Interest Rate: 0% / 15 Year Term
Assistance Available: Difference between sales price of property & mortgage amount.
Repayment: None, unless home is sold or transferred within 15 years and requires a split of profit if any is received.
Required Documents: Subordinate Mortgage Agreement, Note and Deed Restriction.
Income Restrictions: Household income not to exceed 80% median income.
Property / Location: Township of Lower Merion
Counseling: Mandatory Classes
Special Features: Applicant required to contribute $3,000 toward property.
Montgomery County Housing and Community Development 1st Time Homebuyer Program
610-278-3540
Type: Down Payment and Closing Cost Assistance
Interest Rate: 0% / 15 Year Term
Assistance Available: Up to 10% of sales price not to exceed $10,000.00. Amount is based on what is needed for closing and 2 months mortgage reserve
Repayment: None, unless home is sold, refinanced, rented or transferred.
Required Documents: Subordinate Mortgage Agreement, Note and Deed Restriction.
Income Restrictions: Household income not to exceed 100% median income.
Property / Location: Single Family anywhere in County Limits
Counseling: Mandatory pre- and post-purchase
Special Features: Applicants required to put in 3% of their own funds. $25 application fee.
Website: Montgomery County First Time Homebuyers Program
Montgomery County Housing Authority
610-275-5720
Type: (Section 8) Housing Choice Voucher Program Homeownership Option
Interest Rate: 0% / 8 Year Term
Assistance Available: 10% maximum grant – 8% twoards closing costs, 2% towards down payment, PLUS monthly mortgage subsidy.
Repayment: None, unless home is sold, refinanced, rented or transferred within 8 years.
Required Documents: Subordinate Mortgage, Note with Deed Restriction
Income Restrictions: Household income 30% – 50% Median Income
Property / Location: Single Family Residence in Montgomery County
Counseling: Mandatory pre- and post-purchase
Special Features: Designed so very low to low income families can be successful in homeownership.
Municipality of Norristown
610-270-0451
Type: Down Payment and Closing Cost Assistance
Interest Rate: 0% / 5 Year Term
Assistance Available: $2,500 towards down payment, $2,500 towards closing costs.
Repayment: None, unless home is sold, refinanced, rented or transferred.
Required Documents: Consent to lien form (this is a second mortgage)
Income Restrictions: Household income not to exceed 80% median income.
Property / Location: Municipality of Norristown
Counseling: Mandatory Classes
Special Features: Applicants required to put in 3% towards property cost.
