Project Reinvest: Homeownership
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 any eligible purpose, including closing costs assistance, down payment assistance or borrower minimum out-of-pocket investment, if allowed by the first mortgage loan program or other layers of financing. (Specific programs may include down payment requirements from the borrower's own funds in combination with Project Reinvest. This is dependent on the type of first mortgage loan and rules set by the first mortgage lender or investor.)
To qualify, homebuyers must:
1. Be purchasing a home within the City of Philadelphia
2. Agree to maintain the home as a primary owner occupant residence
3. Have completed an eight-hour Homebuyer Education Course in the last 12 months
4. Ensure that the borrower's household income is equal to or less than 100% of Area Median Income below
5. Obtain a conventional first mortgage loan from one of the approved Project Reinvest lenders below
Twenty-five appointments will be made available on the first day of each month beginning May 1, 2017. Appointments for Project Reinvest are only available by following a link that will be displayed here beginning May 1.
Applicants must bring these required documents (documentos requeridos) to their appointment. Failure to do so will result in the appointment not going forward and the buyer having to get another appointment if one becomes available.
For fastest response, please email email@example.com, or call 215-427-0350 x114.