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Pennsylvania legislators launch home loan program for first-time buyers

March 16, 2010 - Pennsylvania residents who are planning on relocating may want to consider purchasing their next home, as the Monroe County Affordable Housing Board has released funding to help these individuals become homeowners.

The Pocono Record reports that the board has made $100,000 available to first-time homeowners in the form of interest-free home loans. Prospective buyers may be eligible to receive $5,000 to cover closing costs and an additional $5,000 to pay for home repair and maintenance projects, according to the media outlet.

Beneficiaries will be required to pay back their loans as soon as they sell their homes, refinance or transfer their titles.

To qualify for the loans - which are expected to help approximately 20 households this year - applicants must be first-time buyers who have lived in Monroe County for at least one year and make less than the area's annual median income.

Potential first-time buyers can also take advantage of the Federal Housing Tax Credit, which provides rebates for up to $8,000 for these individuals, according to the National Association of Home Builders. Those who wish to take advantage of this program may want to act fast, as it is slated to expire next month.

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