First-Time Homebuyer Programs in Philadelphia | Megan Harkins Realtor
By Megan Harkins | Living Beach 2 Burbs
🌐 www.livingbeach2burbs.com | 📧 [email protected] | 📞 215-935-4113
Thinking About Buying Your First Home in Philadelphia?
You’re not alone. With competitive prices compared to other major metros, walkable neighborhoods, and a rich cultural vibe, Philadelphia is a top city for first-time homebuyers in 2025.
But here’s the good news: Philly doesn’t just offer great homes—it also offers financial help for new buyers.
In this guide, I’ll walk you through the best first-time homebuyer programs available in Philadelphia right now, how to qualify, and tips to make your homebuying journey smoother.
💸 Top First-Time Homebuyer Programs in Philadelphia (2025)
1. Philly First Home Program
This city-backed program offers up to $10,000 (or 6% of the home’s purchase price) to help cover closing costs and down payment assistance.
Eligibility:
Must be a first-time buyer
Complete a city-approved homeownership counseling course
Buy within Philadelphia city limits
Meet income requirements (varies by household size)
💡 Tip: Funds are limited—apply early in the year or when new funding opens.
2. K-FIT (Keystone Forgivable in Ten Years Loan Program)
Offered through PHFA (Pennsylvania Housing Finance Agency), this program provides up to $10,000 as a second mortgage, forgivable after 10 years.
Key Features:
No monthly payments
Must be used with a PHFA first mortgage
Great for buyers with limited savings
3. HOMEstead Program
Another PHFA-backed option, the HOMEstead program offers up to $10,000 in assistance as a soft second mortgage.
To qualify:
Buy in eligible areas of Pennsylvania
Meet income limits
Complete pre-purchase counseling
4. Bank and Lender-Specific Grants
Many lenders in Philadelphia partner with national grant programs like:
Bank of America’s Community Affordable Loan Solution
Wells Fargo’s LIFT program
Chase Homebuyer Grant Program
These vary in availability but can offer $5,000 to $15,000 in assistance for eligible borrowers.
🧠 Quick Tips for First-Time Buyers in Philly
Get pre-approved early – Sellers in Philly want serious offers.
Work with a local agent – The Philly market moves fast. A local agent (like me!) can help you act quickly and smartly.
Take a homebuyer education course – Many programs require this. It’s a great way to learn the full process.
Budget for more than just the down payment – Closing costs, inspections, and moving expenses add up.
📍 Best Neighborhoods for First-Time Buyers in Philly (2025)
East Falls – Affordable and close to Center City
Manayunk – Urban-suburban blend with a fun vibe
South Philly – Great food scene, close to transit
Roxborough – More space, family-friendly feel
🗝️ Ready to Buy Your First Home in Philadelphia?
As a local expert and Realtor® with Living Beach 2 Burbs, I’ve helped many first-time buyers navigate the process from start to finish. I’ll help you find the right home and the right program to make it happen.
📞 Call or text me at 215-935-4113
📧 Email: [email protected]
🌐 Visit: www.livingbeach2burbs.com
Let’s turn your dream of homeownership into a reality.
