Catapult Greater Pittsburgh in partnership with the PA Housing Finance Agency (PHFA) is opening doors to interested homebuyers by reducing purchasing barriers, providing financial assistance for home repairs, and coaching potential homebuyers all with the end goal of building generational wealth for individuals and their families who live in Allegheny County.
To participate in the program, RNIH participants must live in Allegheny County, must be purchasing a home in Allegheny County, and must be first-time homebuyers. Borrowers must make a minimum contribution from their own funds that is the lesser of $1,000 or 1% of the loan amount. Their liquid assets must be no greater than $50,000.
For homebuyers who qualify, grants of $25,000 are available to help lower the loan principal and to apply to the closing costs. As another benefit of the RNIH program, excess grant funds can be used to pay down the borrower’s student loans.
Additional assistance funds in the form of a 10-year forgiven loan of up to 5% of the sales price are available to eligible borrowers. No mortgage insurance will be required, reducing monthly loan payments. PHFA will be servicing the mortgage loans for program participants.