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Project Reinvest: Homeownership

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FINANTA and NKCDC are partnering to disperse hundreds of $10,500 down payment assistance loans to eligible Philadelphia homebuyers through Project Reinvest: Homeownership. The program provides qualified homebuyers a 0% interest, deferred loan not due until the loan recipient sells or remortgages the home, or the title is transferred.

About the program

Project Reinvest funds are disbursed at closing in the form of a mortgage secured by the property being purchased. The loan may be used for closing cost assistance, down payment assistance or borrower minimum out-of-pocket investment, if permitted by the first loan and any other levels of funding used.

To qualify, homebuyers must:

1. Not already receive funding through NeighborhoodLIFT.

2. Be under contract to purchase a home within the City of Philadelphia, with a settlement date that is at least 30 days after the appointment you schedule for the loan (below).

3. Agree to maintain the home as a primary owner occupant residence.

4. Have completed an eight-hour Homebuyer Education Course in the last 12 months. We recommend online courses from eHome America or Framework. Buyers may also present an eight-hour certificate from one of the following agencies:

list of agencies

5. Ensure that the borrower's household income is equal to or less than 100% of Area Median Income:


6. Obtain a conventional first mortgage loan from one of the approved Project Reinvest lenders:

List of approved lenders

To apply

On the first business day of each month, 25 new openings for appointments will be made available. Homebuyers can only request appointments through this online system.

Please make sure the appointment you schedule is at least 30 days before your settlement date. If it is closer than 30 days, you must provide a copy of an addendum to extend your settlement date when you come to your appointment.

Applicants will receive an e-mail where they must submit their signed home contract and their prior approval of the first loan within 24 hours. If they do not respond within 24 hours, the appointment is automatically canceled and they must request it again on the website.

Individuals confirmed for an appointment will receive a second email with a list of documents required for the application and instructions for coming to the appointment.


Questions?

For fastest response, please email projectreinvest@nkcdc.org, or call 215-427-0350 x114.


Project Reinvest logo
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New Kensington Community Development Corporation
2515 Frankford Avenue, Philadelphia, PA 19125
P: (215) 427-0350  |  F: (215) 427-1302  |  info@nkcdc.org
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