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Reesa, Home Buyer in Philadelphia, PA

I am looking to buy a house in the Philadelphia Pa area, are there any First time home buyer programs that help with the closing costs

Asked by Reesa, Philadelphia, PA Wed Mar 21, 2012

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Janet Ames, CPA’s answer
Mt. Airy USA offers a housing counseling program that will qualify you for PHFA(Pennsylvania Housing Financing Agency) funding and there is an additional amount available through the City of Phila upon completion of the program. Some banks associated with the program are offering additional incentives. for more information on the counseling program at Mt. Airy USA go to

And if I can be of assistance in your search, I grew up in Northwest Philly and it is one of the focuses of my real estate practice.
0 votes Thank Flag Link Wed Mar 21, 2012
Good Day 19144:

There are numerous programs that offer grant money in exchange for educational programs that a buyer needs to participate in about all things home ownership oriented to qualify.

If you have a credit score of 660 or higher and meet income limits you may be eligible for a PHFA first and second loan. The second loan is "silent" and may be forgiven or paid when you sell and it goes to cover the closing costs. The first loan works essentially like an everyday mortgage product.

All these options aside, I usually get money for my clients when negotiating a deal for a purchase that has the seller paying a large chunk of the closing costs. Different loans have different requirements. You need a good agent for the this process. Did you know that the seller pays the commission fees for both the buyer and sellers agent? A buyers agent is essential, every deal is different and you need someone experienced on your side.

If you need an agent contact me on

Ana Barlow, Coldwell Banker Preferred
0 votes Thank Flag Link Wed Mar 21, 2012
Hello and Welcome to the Community!

Currently FHA offers up to 6% seller's assist which will help cover most of your closing costs. You will still need 3.5% down-payment.

Please give me a call so we can discuss your Real Estate Needs. Here are some of the talking points while discussing a purchase.
* Area where you want to live
* Type of Financing - Getting Pre-approved
* Price of the home - your budget & Monthly Payments

Please call or email me.

Best Regards,

Alexander Shulzhenko
Realty Mark Cityscape
267 738 0886
Web Reference:
0 votes Thank Flag Link Wed Mar 21, 2012
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