Home Buying Program

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Program Purpose:
The Homebuyer Assistance Program is planned to encourage prolonged homeownership by low income persons in the City of Chester. It has a double focus of cheering existing renters in the city to become homeowners and encouraging new people to buy a house in the city.

Program Benefits:
The Homebuyer Assistance Program is planned to help those who have the monetary capability to handle a mortgage and who are prepared to accept the responsibilities of owning a home, but who have had complexity in assembling the major lump sum of cash that is essential to cover the down payment and closing costs connected with buying a home.

Program Basics:
The Homebuyer Assistance Program will give 50% of the down payment required to buy a home in the City of Chester and $5,000 in closing expenditure as a zero percent (0%) interest loan. Applicants concerned in applying intended for the Homebuyer Assistance Program must present an application to the Chester Economic Development Authority (CEDA).

Eligibility:
Potential home purchasers must meet HUD's income strategy listed below, must is a first time homebuyer (no home owned for preceding three years) or meet other eligibility criteria and must complete a specialized mortgage counseling program.