Financing

Financing

NWNEPA knows financing.  In fact, we’ve been putting our expertise to work for the past 30 years to help families throughout our community make their dreams of homeownership and home repair come true.

In addition to tracking current products and rates available in the market for our clients, NWNEPA also partners directly with municipalities to provide services for regional First-Time Homebuyer Programs, including:

Lackawanna County First-Time Homebuyer Program.  The Lackawanna County First-Time Homebuyer Program assists moderate-income families and individuals with the purchase of their first home within Lackawanna County (excluding the City of Scranton).

The program currently offers down payment subsidies of up to 15% of the mortgaged loan (not to exceed $18,000) with a minimum of 5% (verified) down payment required from the participant’s own funds.  The down payment subsidies will be secured as an interest-free loan for 10 years, after which the loan will be forgiven. The program also offers a $1,200 closing cost grant to assist the participant with closing fees.

 Funds for this program are typically available for a limited time each year. Call the NWNEPA office at (570) 558-2490 to check on program funding availability.

City of Scranton First-Time Homebuyer Program.  The City of Scranton First-Time Homebuyer Program provides funds in the form of a forgivable, deferred-payment loan to income-eligible, first-time homebuyers who wish to purchase a home in Scranton. These funds assist the homebuyer with his/her down payment and closing costs. Generally, the beneficiary will not have to pay any portion of this loan back to the City if he/she maintains the home as his/her primary residence for at least five years.

The program currently provides a subsidy of up to l/2 of the down payment (maximum match dollar-to-dollar not to exceed $7,000) or 10% of the purchase price of the home, whichever is less. It also provides support for eligible closing costs up to $5,000 maximum.

For more information, call the Scranton Office of Community & Economic Development at (570) 348-4216.

Other Financing & Assistance.

Lending Institutions:

Many national, regional and local banks have special programs geared towards assisting first-time buyers.  Call the NWNEPA office for information on products, services and rates from some of the lending institutions doing business in our service area.

NWNEPA Lending Products:

NWNEPA is currently developing its own loan products for income-eligible clients.  Check back for more information in the future.