Home Ownership...

Owning a home is part of the mythic American Dream. But for many of the families we serve, homeownership seems to be an impossible dream- Housing Group believes this dream should be accessible to anyone who is willing to work towards that goal. Housing Group initiated action to establish funding pools and programs which could assist lower-income families realize the dream of homeownership.

Housing Group advocated for the development of programs to assist first-time homebuyers to secure their mortgages. With the support of other advocacy groups and the Pennsylvania Low Income Housing Coalition, former U.S. Congressman Senator Jim Greenwood and several other Philadelphia officials, legislation passed establishing a trust fund for this purpose. Bucks County was the first county to implement the fund. The Housing Group's proposal to develop its First-Time Homebuyer's Program has been supported by the county each year since the fund's implementation. This program typically serves 225 families each year through workshops and face-to-face interviews.

The Housing Group, in conjunction with several organizations from Philadelphia and Pittsburgh, advocated for a state-assisted mortgage program that would respond to the increase in the number of foreclosures in our region. The Homeowner's Emergency Mortgage Assistance Program (HEMAP) was developed in 1984, and is the only U.S.
program focusing on foreclosure issues. The HEMAP program assists approximately 100 clients each year.

Scroll down to see application and eligibility guidelines.

FIRST-TIME HOMEBUYER'S PROGRAM

Established to aid low- and moderate-income households interested in purchasing homes in Bucks County, this program assists eligible participants with closing costs by providing a no-interest second mortgage.

Although funds borrowed through this program are not "forgiven", they must be repaid only upon the resale of the home, upon the refinancing of the home, or upon the transfer of the title.

Funding for this program is limited and is dispersed on a first-come, first-served basis.

Applicants must be current residents of Bucks County (having lived in the county for six months).

Applicants must be able to contribute 3% of the purchase price to the transaction.

Applicants must have households of two or more persons; individuals may not participate in the program, unless they have a serious disability.*

Applicants must complete the First-Time Homebuyer's counseling program administered by the Bucks County Housing Group. The counseling program begins with a Homebuyer's workshop; click here for the current schedule.

Applicants must fall within the parameters established by the County with respect to household size and income:

Income Limits for 2006

Household Size	Median Income
1*	$52,00
2	$59,400
3	$66,900
4	$74,300
5	$80,200
6	$86,200
7	$92,100
8	$98,100

Applicants must purchase a property located in Bucks County. The First-Time Homebuyers' Program places restrictions on the maximum price of homes.

The purchase price may not exceed HUD Section 203(b) maximum single family mortgage limits.

HOMEOWNERS EMERGENCY MORTGAGE ASSISTANCE PROGRAM (HEMAP)

HEMAP began in 1983. Funded by the State Assembly and administered by the Pennsylvania Housing Finance Agency, the program is designed to help prevent families in difficult circumstances from losing their homes to foreclosure. All Pennsylvania homeowners are entitled to apply for the HEMAP Program at no cost to the applicant.

HEMAP can assist in two ways:

1) Payment of the mortgage arrearage amount, thus bringing the mortgage current and allowing the homeowner to resume monthly payments or

2) Assistance with the arrearage amount and monthly payments for up to two years. Repayment of the HEMAP mortgage loan begins when the applicant is financially able to do so. Interest does not begin to accrue on the amount borrowed until repayment resumes by the homeowner.

Once homeowners receive an Act 91 notice from their mortgage lender, they must meet with the Mortgage Services Department of Bucks County Housing Group within 30 days of the date of the notice.

The HEMAP counselor then meets with the homeowner, completes the application, and gathers the necessary information before submitting the application to PHFA.

PHFA has 45-65 days from the date that they receive the application to either approve or deny it.
All foreclosure proceedings cease until that decision is rendered.

Eligibility
To be considered for a HEMAP loan, homeowners must:

Be Pennsylvania residents who own and occupy the property in foreclosure.

Be at least sixty days delinquent in their mortgage payments.

Be suffering financial hardship through no fault of their own.

Demonstrate reasonable prospects of being able to resume normal mortgage payments after HEMAP loans assistance ends.
*Excerpted from "PHFA Homeowner's Emergency Mortgage Assistance Program" (5/99)

For more information about these two programs please contact Housing Group 215-598-3566 or email info@bchg.org