Lisa K. Farrell, founder and CEO of Lisa Home Mortgage, a Black-owned federal and multi-state licensed mortgage company, is working with first-time homebuyers in Philadelphia, Pennsylvania to help them qualify for and receive up to $10,000 in funding to be used toward a downpayment and closing costs.
The Philly First Home Grant does not require monthly payments and is forgivable pending terms and conditions. *The flexibility of the program allows qualified homebuyers, even with credit scores as low as 580, to gain access to the program.
The program does, however, have income restrictions. Homebuyers must meet all terms and conditions of the program, and complete a free homebuyer’s seminar with a mandatory counseling program. Clients can be pre-approved for a mortgage loan, but the mandatory seminar and counseling program must be completed before a sign an agreement of sale is executed. The agreement of sale must be signed by the homebuyer and seller after completing housing counseling.
