Next Property to be ready by early 2022
Applications are not being accepted for the Affordable Home Purchase Program. The next property is currently being rehabbed and is expected to be available in early 2022. The program works with Lower Merion Township to provide an affordable property for a qualified first-time homebuyers with reduced monthly payments by providing a second mortgage at zero interest with no monthly payments.
The amount of assistance will be determined by the buyers’ actual household income in order to provide an affordable monthly payment of 31% of their gross income. The second mortgage will reduce the expected payment to $1,100 – $1,500 per month depending on the income of the eligible household. Special preference will be given to people who currently live or work in Lower Merion and to active Lower Merion volunteer firefighters.