Buying a home with a down payment assistance grant

Jennifer February 8, 2020

Buying a home with a down payment assistance grant

Allegheny County residents seeking to purchase a house may be eligible to be given a grant for their deposit.

For a limited time, you could receive a $15,000 grant to help you buy a home in Allegheny County. If you are Eligible as active military, veteran, or eligible surviving spouse; law enforcement, firefighter, emergency medical technician or Teacher/paraprofessional, you might be eligible to get an additional $2,500 for a total grant amount of $17,500.

Employing a $3.3 million commitment by Wells Fargo, the application is anticipated to make 175 homeowners at Allegheny County by providing $15,000 down payment assistance grants which require completion of a HUD-certified homebuyer education.

To Qualify, annual incomes should not exceed 80% of their local area networking income in Allegheny County, which can be $63,900 for a person up to a household of four. There are particular parameters for both veterans and service members, educators, law enforcement officers, firefighters and healthcare technicians, who might bring in up to 100% of their area median income from Allegheny County, that will be $79,900 for as much as a household of four, and also book $17,500 down payment assistance grants.

There are a range of required measures you will want to follow when purchasing a house with the NeighborhoodLIFT down payment assistance grant.

1. Ensure your finances are in order

2. Know your mortgage options and get preapproved

3. Take homebuyer education classes

4. Find a home and sign a purchase agreement

5. See if you qualify for the grant

6. Finalize your mortgage approval

7. Close on your new home

Individuals interested in learning more can see or may stop by a Wells Fargo Home Lending office.