Julie Collins, CPCA Family Service Worker/ First Time Homebuyer Assistance Program Coordinator; and Judy Mitchell, CB&T Senior Vice President and Chief Operating Officer. (Provided photo)
CLEARFIELD – Central Pennsylvania Community Action (CPCA) has announced a new program for the residents of Clearfield County, the First-time Homebuyers Assistance Program. Through the Clearfield County Affordable Housing Trust Fund, the CPCA received a grant award, which will be used along with additional funding from Clearfield Bank and Trust Company and CNB Bank, to assist first-time homebuyers in Clearfield County.
Assisting Clearfield County residents with reaching their goal of attaining the “American Dream” of homeownership has been an objective of CPCA. Many residents of the county dream of owning their own home, but lack the adequate savings to cover both down payment and closing costs. With the help of the CPCA Homeownership Assistance Program, providing extra assistance can take a family from renting a home to owning one.
Through the Homebuyers Assistance Program, Clearfield County residents will be able to apply for loan assistance to be used toward closing costs or down payment. This no interest loan will be limited to $1,900 per family and will not need to be paid back until the home mortgaged is sold, re-financed or foreclosed. The mortgage must be financed through a licensed mortgage lender; “rent to own” scenarios will not be accepted.
The program is available to households that are at or below the 80 percent of the Federal Year 2013 HUD Median Income Limits for Clearfield County, i.e. a family of four could earn up to $44,250 annually. Applicants must be a resident of Clearfield County and purchasing their home within Clearfield County. A maximum loan amount of $1,900 per family will be awarded on a first-come, first-serve basis with 15 loans being available.
Guidelines of the First-time Homebuyer Assistance Program include attending a First-time Homeownership Workshop presented by CPCA Housing Counselors. This presentation is open to the public in addition to those seeking assistance. Topics covered will include saving and budgeting for homeownership, the benefits of owning, understanding and repairing credit, the mortgage process, and avoiding predatory lenders. The workshop will also provide attendees with information on mortgage products available to first-time buyers. CPCA’s housing counseling staff, as well as representatives from Clearfield Bank and Trust Company will be available to answer any questions participants may have.
The workshop is an opportunity to learn the basics of homeownership for anyone that is interested in purchasing a home in the current market or in the distant future. Participation in this workshop, which is certified by PHFA, fulfills requirements many lenders are now asking of borrowers. With low home prices and interest rates, now is an ideal opportunity for many buyers to realize their dream of homeownership. The workshop may also be beneficial to those struggling with poor credit or down payment issues.
As part of the kick-off to the new First-time Homebuyers Assistance Program, a workshop will be held at the Clearfield County Area Agency on Aging office, 116 S. Second St., Clearfield, across from Trinity United Methodist Church on April 27. It will run from 9:30 a.m. to 3 p.m. There is no cost to attend, and complimentary lunch will be provided.
Anyone interested in attending the workshop or for more information on the First-time Homebuyers Assistance Program should contact Tia Lansberry at 814-765-1551 or tlansberry@cpcaa.net.
