Allegheny First Time Homebuyer Program
Requirements
All Allegheny County residents who meet income limits are eligible except those who reside in the City of Pittsburgh. If you are interested in purchasing a home in the City of Pittsburgh, contact the Urban Redevelopment Authority of Pittsburgh at (412) 255-6666.
A minimum down payment of approximately 3.5 percent is required. Up to $5,000 in down payment and closing cost assistance is available to eligible borrowers and up to 100% of area median income. See Closing Cost and Down Payment Assistance.
Interest Rate |
4.10% (with 1 ½ points), fixed rate
4.25% (with 0 points), fixed rate |
Term |
30 years |
Minimum Down Payment |
Approximately 3.5% (See lender for FHA guidelines.) |
Mortgage Origination Fee |
1.50% for the 4.10% interest rate
No fee (0%) for the 4.25% interest rate |
Eligible Areas |
All areas of Allegheny County except the City of Pittsburgh |
Income Limits |
$62,500 per household (1-2 persons)
$71,875 per household (3 or more persons) |
Mortgage Limit |
$248,900 (FHA base figure) |
Purchase Price Limit |
$294,750 for existing homes and new construction |
Additional Requirements
- Must have an executed sales agreement
- Must be a first-time homebuyer, one who has not owned a home in the past three consecutive years
- Must submit, to the lender, income tax returns for the past three years
- Must use the home as the principal place of residence
- Monthly debt, including mortgage payment, cannot exceed 41% of monthly gross income (FHA guidelines)
- Monthly mortgage payment, including principal interest, taxes, and insurance, cannot exceed 29% of monthly gross income (FHA guidelines)