Buying in Havertown but worried about the down payment and closing costs? You are not alone. Many first-time buyers feel ready to move but unsure how to tap help that actually fits their budget and timeline. In this guide, you will learn the major programs available in Delaware County, who qualifies, how to apply, and important Havertown-specific tips. Let’s dive in.
Information verified as of November 2025. Always confirm current rules and funding availability before applying.
What “first-time buyer” means
Most programs define a first-time buyer as someone who has not owned a principal residence in the past three years. Some programs make exceptions for certain situations, like veterans or specific household changes. Always confirm the definition used by the program you choose.
Program options for Havertown buyers
Federal mortgage options
- FHA loans: Backed by HUD, FHA loans allow low down payments, often around 3.5 percent for qualifying buyers, and flexible credit guidelines. These can be paired with state or county assistance. Learn more on HUD’s official site.
- VA loans: Eligible veterans and active-duty service members can access zero down payment mortgages. Get details on VA home loan benefits.
- USDA loans: These serve rural areas with zero or low down payment options. Most Havertown addresses are likely ineligible due to the suburban setting, so check the USDA Rural Development site for eligibility maps.
- Conventional 3 percent down options: Fannie Mae HomeReady and Freddie Mac Home Possible offer low down payment options for eligible borrowers with income limits. Review program basics at Fannie Mae and Freddie Mac.
Statewide help from PHFA
The Pennsylvania Housing Finance Agency (PHFA) is the main source for first-time buyer mortgages and down payment or closing cost assistance statewide. PHFA often offers:
- Low-interest mortgages for first-time buyers
- Down payment and closing cost assistance, typically as a second mortgage that may be forgivable or deferred
- Required homebuyer education and counseling for assistance programs
PHFA programs can pair with FHA, VA, USDA, or conventional loans when allowed by program rules. Start with the PHFA website to review current products, income limits, and approved lenders.
Delaware County programs
Delaware County uses federal housing funds to support first-time buyers through county-administered programs. These programs often include income limits, purchase price caps, owner-occupancy rules, and required homebuyer education. Funding and rules can change during the year, so check the county’s housing page at the Delaware County website for updates and application details.
Nonprofit counseling and education
HUD-approved housing counseling agencies provide education, credit guidance, and help navigating assistance programs. Many state and county programs require a certificate of completion. You can find local counselors through the HUD counselor locator.
Lender and employer programs
Some banks and credit unions offer first-time buyer grants or reduced fees. Large local employers may offer housing benefits, though these are less common. If you pursue lender or employer assistance, confirm how it pairs with PHFA or county programs before you apply.
Eligibility and documents you will need
Every program has unique rules, but you can expect these common requirements:
- First-time buyer status defined by the program
- Income limits based on household size and area median income
- Purchase price caps that must align with your target neighborhoods
- Primary residence and owner-occupancy for a set period
- Homebuyer education through a HUD-approved course
- Loan-level qualifications, such as credit score and debt-to-income guidelines
Typical documentation includes:
- Photo ID and Social Security numbers for applicants
- Recent pay stubs, W-2s or 1099s, and two years of tax returns
- Bank and asset statements
- Rent history if requested
- Student loan statements
- Homebuyer education certificate when required
How assistance pairs with your mortgage
Most down payment assistance, often called DPA, is a second mortgage that layers on top of your main loan. Terms vary. It can be forgivable over time while you live in the home, deferred with no payments until sale or refinance, or repayable. Read the terms carefully and ask how selling or refinancing would affect your assistance.
Low down payment loans usually require mortgage insurance. FHA uses mortgage insurance premiums, while conventional loans use private mortgage insurance. Some programs allow documented gift funds to cover part of your down payment or closing costs. Confirm documentation rules early so there are no surprises during underwriting.
Havertown and Delaware County tips
- Geography and process: Havertown is within Haverford Township in Delaware County. Your property taxes, permits, and inspections follow township and county rules.
- Commute and transit: SEPTA Regional Rail and bus routes make Havertown a popular choice for Philadelphia commutes, which supports steady buyer demand.
- Property types and age: Expect older single-family homes, twins, rowhomes, and some condos. Older housing stock can mean inspection items or planned renovations. Budget for what you may need right after closing.
- Affordability limits: Some assistance programs set purchase price caps. In parts of Havertown, prices may exceed those caps. Check program limits before you make an offer so your financing plan still works.
- Taxes and monthly cost: Estimate your full monthly payment, including mortgage principal and interest, property taxes, insurance, and mortgage insurance if required.
A simple step-by-step plan
Get prequalified with an experienced lender. Ask if they work with PHFA, county assistance, and low down payment options you are considering.
Enroll in homebuyer education. Many programs require a HUD-approved course. Schedule it early using the HUD counselor locator.
Confirm programs that fit. Review options at PHFA, check any Delaware County programs at delcopa.gov, and compare with your loan choices such as FHA, VA, USDA, or conventional.
House hunt with eligibility in mind. Keep program purchase price caps and property standards in view. Ask about property condition issues that may affect certain loans.
Make your offer. Include timelines that allow for any extra documentation or approvals tied to PHFA or county assistance.
Complete underwriting and approvals. Expect appraisal, title work, and verification of your education certificate and assistance documents.
Close and move in. Your assistance is applied at closing according to the program terms. Keep copies of your DPA obligations for your records.
Typical timeline
- 1 to 2 weeks: Get prequalified and gather documents
- 2 to 6 weeks: Complete required education and counseling
- 1 to 3 months: Shop homes and ratify a contract
- 30 to 60 days: Loan underwriting, appraisal, title work, and any state or county approvals
Timelines vary by lender, program, and property. Start early if you plan to use assistance with limited annual funding.
Common pitfalls to avoid
- Assuming funds are available year-round. County or state programs can pause or run out during the year. Verify status before writing an offer that depends on assistance.
- Ignoring purchase price caps. Some Havertown homes will not qualify if caps are too low for your target area. Confirm limits at the outset.
- Overlooking property condition. Older homes may need repairs that affect loan approvals. Budget for inspection items and discuss loan types that fit the property.
- Choosing a lender without program experience. Extra steps and documents can slow a deal. Ask about their track record with PHFA or county assistance.
- Missing resale or recapture terms. Some assistance requires repayment or has a forgiveness schedule. Know the rules before closing.
Where to verify details and stay current
- Statewide help and approved lenders: Review programs at the Pennsylvania Housing Finance Agency
- County-level assistance and workshops: Check the Delaware County website
- Required homebuyer education and counselors: Use the HUD counselor locator
- Mortgage product basics: Explore Fannie Mae, Freddie Mac, HUD, VA home loans, and USDA Rural Development
Ready to map a plan for your first home in Havertown? Let’s talk through neighborhoods, budgets, and a step-by-step path that fits your timeline. Reach out to the Tallon Olenik Team to get started.
FAQs
What first-time buyer help is available in Havertown?
- You can explore PHFA mortgages and down payment help, county-administered assistance through Delaware County, and loan options like FHA, VA, USDA where eligible, plus lender grants.
How do I know if I qualify as a first-time buyer in Delaware County?
- Many programs define first-time as no homeownership in the past three years, with some exceptions, so confirm the exact definition for the program you plan to use.
Can I combine PHFA assistance with FHA or conventional loans?
- Often yes, but compatibility depends on the PHFA product and lender participation, so verify with a PHFA-approved lender before you apply.
Do Havertown homes qualify for USDA loans?
- Most Havertown addresses are likely ineligible because USDA focuses on rural areas, so check USDA eligibility maps for a specific property.
What documents will I need for down payment assistance?
- Expect ID, Social Security numbers, income and tax documents, bank statements, rent history if requested, student loan info, and a homebuyer education certificate when required.