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Designed to support homebuyers purchasing homes in pre-defined areas where more than 50% of the population is Black or Hispanic. This program reflects Firstrust Bank's commitment to fostering equity and expanding homeownership opportunities within the communities we serve. Whether you’re a first-time homebuyer or planning to purchase a new home, this program offers financial support to help make your dream of homeownership a reality.
✓ Receive up to $10,000
✓ No income limits
✓ Use towards down payment and closing costs
✓ Repayment upon sale of home or refinance
✓ May be combined with eligible first lien mortgage from Firstrust Bank
✓ May be combined with other grants (if eligible)
✓ Eligible for First-time homebuyers who are moving from a majority Black or Hispanic census tract to a non-majority Black or Hispanic census tract
✓ Receive up to $5,000
✓ No income limits
✓ Use towards down payment and closing costs
✓ No repayment is required on grant money
✓ May be combined with Deferred Payment Second Mortgage (if eligible)
✓ Eligible for First-time homebuyers who are moving from a majority Black or Hispanic census tract to a non-majority Black or Hispanic census tract
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Eligible borrowers must either currently reside in or be purchasing a home in a Majority Black or Hispanic Census Tract (MBHCT) located in the counties below where over 50% of the population is Black or Hispanic. Additionally, if a borrower lives in an MBHCT but is purchasing a property outside of an MBHCT located in one of the counties below, this will also qualify; however, at least one applicant must be a first-time homebuyer.
Eligible properties include single-family homes, condos, and Planned Unit Developments (PUDs). The property must be a single unit and used as your primary residence.
No, there are no income limits for these programs. It is available to eligible borrowers regardless of their income level.
No, you do not need to repay any of the grants you may receive under the Closing Cost Assistance Grant program. Any grant you receive is non-amortizing and is fully forgiven, meaning once it is provided, it does not require repayment. However, if you use the Down Payment Assistance/Closing Cost Assistance Second Lien Mortgage, that loan will need to be repaid upon the sale of the home or a cash-out refinance.
A minimum credit score of 620 is required to qualify for these programs.
Yes, HUD-approved homebuyer education is required. This education can be completed online or in person.
Yes, if you are using down payment assistance, you must have one month’s PITI (Principal, Interest, Taxes, and Insurance) in reserve.
No, the loan programs are intended for primary residences only. The property you purchase must be your main home.
Yes, the programs allow manual underwriting and alternative credit data may be used. The standard debt-to-income (DTI) ratio is 45%, but it can be extended to 50% with strong compensating factors.
Founded here, and family-owned, we know this region best and are committed to meeting the needs of our customers for generations to come.
Find the right mortgage with personalized guidance from your local mortgage loan officer. Contact a specialist today at 833-962-HOME.
Our mortgage team will work to be sure your mortgage experience goes smoothly and the closing process is easy and efficient.
† DISCLOSURES:
Firstrust Bank’s SPCP mortgage products are geography-based programs aimed at removing barriers to homeownership for homebuyers. Eligible borrowers must either currently reside in or purchase a single-family home in a 50% or higher Majority Black or Hispanic Census Tracts within the following counties: Philadelphia County, PA, Bucks County, PA, Chester County, PA, Montgomery County, PA, Delaware County, PA, Camden County, NJ, and Baltimore County, MD. Additionally, if a borrower lives in a MBHCT but is purchasing a property outside of an MBHCT located in one of the defined counties this will also qualify; however at least one applicant must be a first-time homebuyer. Mortgage loans are offered by Firstrust Bank NMLS # 424205. All loans are subject to individual review and approval.
Firstrust National Licensing Service (NMLS Representatives)
FT-1502-2024-04-17
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