How does the Loan Subsidy Program work?
Homebuyers can be provided assistance that can exceed $10,000 in downpayment, closing cost and interest rate assistance. $25 million has been set aside for these homebuyers and those interested in refinancing their home in eligible areas.
Who is eligible?
Anyone is eligible, but the minimum credit score must be 640 for settlement assistance. Scores 680 or higher are eligible for downpayment assistance too.
Where is eligible?
The property must be located in a census tract where the population is greater than 50% Black and/or Hispanic, in an eligible county.
Eligible counties include (by state):
- Pennsylvania: Chester, Delaware, Montgomery and Philadelphia
- Delaware: New Castle
- New Jersey: Bergen, Burlington, Camden, Essex, Hudson, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union
- New York State: Bronx, Dutchess, Kings, Nassau, New York, Orange, Queens, Richmond, Rockland, Suffolk and Westchester
- Connecticut: Fairfield
I can help you determine if the property you are interested in is eligible for the Loan Subsidy Program.
How long is the Loan Subsidy Program available?
Until the $25 million subsidy fund is exhausted.