Homebuying Made Simple

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RACW has established the Homebuyer Assistance Program to assist first-time homebuyers in attaining their goal of home ownership by providing financial assistance for the purchase and rehabilitation of eligible housing units.

Basic Eligibility Requirements:

1. Annual household income must not exceed 80% of the Median Family income for the Pittsburgh MSA as determined by HUD and adjusted based on family size. Note: Income limits are subject to change.

  • Family of 1 – $39,990
  • Family of 2 – $45,600
  • Family of 3 – $51,300
  • Family of 4 – $56,950
  • Family of 5 – $61,550
  • Family of 6 – $66,100

2. The first-time homebuyer must not have owned a housing unit within the past 3 years unless she/he is a displaced homemaker.
3. Homebuyers must have the financial capability to provide cash payment of 3% of the purchase price of the housing unit for the purchase.
4. Moderate income homebuyers must have the financial capability to obtain an 80% mortgage from a participating lending institution.
5. Low income homebuyers must have the financial capability to obtain a 71% loan from a participating lending institution.
6. Homebuyers must success fully complete the Pre-purchase counseling class
7. House Purchased must be occupied as the primary residence and the value after rehabilitation must not exceed $157,000.

All eligibility requirements must be met for participation. This includes requirements not listed above but included in the H.A.P. guidelines.

What to expect:
Once we receive your pre-application, we will send you a letter stating that we have received your pre-application and that you have been placed on our waiting list.

When funding becomes available, a Rehabilitation Specialist will contact you to start processing your application.

 

Countywide Homebuyer Assistance Program Pre-Application

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Countywide Homebuyer Assistance Program Guidelines

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