York County and the City of York have a mortgage assistance program that works in cooperation with the local board of Realtors (RAYAC) that most consumers are unaware of. This program provides 2% of sales price towards down payments and at the county level up to 6% towards closing. The city has a scale for which it determines closing cost help based on the sales price. 8% can be obtained on a home less than $40,000 with that dropping to 6% on homes $60,001 or more. Anywhere in between those numbers is 7% closing help. However buyers must contribute both time and a little of their own money in order to be eligible for this program. First, they must participate in first time home-buyers classes which are held three times each month (this class is valid for up to two years). Second, they must contribute at least 3% of the sales price or $1000 (the greater of the two) in order to qualify for the program.
Other things to keep in mind are:
1. The property must pass an inspection.
2. Tenants can not be relocated as a result of the sale.
3. Buyer must use property as their primary residence.
4. The lender must be chosen from program participating lenders.
5. Property must be held for more than five years or the county has the right to recapture the funds.
More information can be found at www.rayac.com which is the Realtors Association of York & Adams County (RAYAC).