City of Pittsburgh Offers Forgivable Loans and Downpayment Assistance for Low-Income and First-Time Homebuyers
The City of Pittsburgh URA (Urban Redevelopment Authority) offers a low-income and first-time homebuyers grant program to help eligible residents purchase their own homes. This program provides up to $90,000 in forgivable loans and downpayment assistance to eligible individuals or families. The program is designed to help those who may not earn more than 80% of the area median income (AMI), or $75,850 annually for a family of four, to achieve their dream of homeownership.
To be eligible for the program, individuals or families must first qualify for a mortgage loan with one of three local lenders—Dollar Savings Bank, First Commonwealth Bank, or Slovak Savings Bank. Once approved for a mortgage loan, applicants can apply for the low-income and first-time homebuyers grant program. If approved, applicants can receive up to $90,000 in forgivable loans and downpayment assistance to help with the purchase of their new home.
The forgivable loan is designed to help with the downpayment and closing costs associated with purchasing a home. This loan is forgiven over a period of five years, as long as the homeowner remains in the home for that time period. The downpayment assistance can be used to cover up to 20% of the purchase price of the home.
The City of Pittsburgh URA low-income and first-time homebuyers grant program provides an excellent opportunity for eligible individuals or families to purchase their own homes. Homeownership is an important part of building a strong community, and this program can help those who may not have otherwise been able to achieve this goal.
If you are interested in learning more about these types of programs, I can help you navigate the process. As a real estate agent at RE/MAX Select Realty, I can provide information on how to qualify for the program, and how to apply for the grant. If you are considering purchasing a home in the City of Pittsburgh, please feel free to contact me, Christa Ross, for more information on this program or other home buying opportunities.
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Christa Ross does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Christa Ross will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.