Study shows Pennsylvania offers most help for purchasing a home

One of the biggest concerns from potential home buyers is where the money will come from.

Many of these possible homebuyers aren’t aware of all the opportunities their state offers. And, if they are looking for a home in Pennsylvania, they have more assistance available than they may be aware of. While each state across the country offers at least one type of program to assist homebuyers, Pennsylvania offers the most, with 11 available programs, according to HSH.com, a mortgage website.

According to HSH.com, Pennsylvania offers programs for:

• First-time buyer
• Repeat buyer
• Mortgage credit
• Energy efficient
• Purchase program
• Home improvement
• Veterans program
• Disabled homeowner
• Down-payment assistance
• Job specific

Following Pennsylvania are New York, with ten programs, and Wyoming, with nine programs.

Obviously, not every program is available to each homebuyer. But there are probably more opportunities for your client than you realize.

As Time pointed out, “for instance, Pennsylvania offers closing-cost assistance up to $6,000 in the form of a no-interest 10-year loan to borrowers at participating lenders. The program is open to all borrowers regardless of income or whether it’s your first home. In addition, first-time homebuyers (and some repeat buyers) can turn the first $2,000 of their federal mortgage income tax deduction into a much more valuable tax credit. While incomes are capped, you can earn up to $97,300, or $113,500 if you have kids, and live in relatively high-cost counties like Philadelphia,” explained Ian Salisbury.

The study eliminated programs only available in certain counties or towns.