Mortgage Advice

Grant for First-Time Homebuyers

Buying your first home can be intimidating. For many, it is the most expensive purchase they will ever make. While most people secure a mortgage to finance the purchase, home buyers are usually faced with needing to contribute to a down-payment and cover closing costs. This can feel daunting, but there are resources to help. Univest Home Loans proudly offers a first-time homebuyer grant program called First Front Door (FFD).

Through FFD, if you qualify, for every $1.00 you contribute, Univest will match with $3.00 of grant assistance, up to a maximum of $5,000. These funds can be put towards down payment and/or closing cost expenses. So, a personal investment of $1,666.67 would yield the total $5,000.

The widely anticipated rollout of this annual grant opened on March 6, 2019 with $12 million allocated for qualified first-time homebuyers. First Front Door grants are provided by FHLBank Pittsburgh through Univest Home Loans. The funds are guaranteed through an online reservation process for up to 6 months from the date of approval allowing a buyer to shop knowing they have an additional $5,000 available.

In order to qualify for the First Front Door Program you must be a first-time homebuyer which by definition is someone who has not owned a home in the last three years.

  • Be a first-time homebuyer (which means you haven’t owned a home within the past three years, or you owned a home only while married but not as a single person within the last three years – this includes a married couple if either has not owned a home in the past three years).
  • Secure a first mortgage through Univest Home Loans.
  • Have an income at or below 80 percent of the area median income.
  • Not be a student working less than 30 hours per week.
  • Complete at least four hours of homeownership counseling prior to purchasing the home.
  • Agree to maintain the home for five years to retain the full amount of the grant. If a sale occurs before the five years expire, a portion of the grant may be required to be repaid.

Not every lender offers the First Front Door grant, so be sure to contact Univest Home Loans as soon as possible, especially since the funds are limited and allocated  on a “first-come, first-served” basis. For more information about this grant or any of our home loan options, contact us today at 877-723-5571.

 

Univest Bank and Trust Co. is an  Equal Housing Lender. NMLS #415882.