MODERATE INCOME HOMEBUYER ASSISTANCE PROGRAM
The purpose of MIHAP is to provide assistance to qualified moderate income families interested in purchasing a home in the City of Chester. This program provides financial assistance toward eligible closing costs.
Not everyone is eligible for MIHAP. To qualify, you must be 18 years of age or older, you must agree to live in the property as your primary residence and you cannot own any rental property. Your household's income must fall at or below the income limits included in the attached guidelines. Please read these guidelines for additional details on the program. Once you submit your completed application, CEDA will make a final determination on your eligibility for this or any of the other CHOICE programs.
Downloads
Program Summary
Program Purpose |
The Moderate Income Homebuyer Assistance Program is intended to encourage expanded homeownership by moderate income persons in the City of Chester. It has a dual focus of encouraging existing renters in the city to become homeowners and of encouraging new residents to buy homes in the city. |
Program Benefits |
The Moderate Income Homebuyer Assistance Program is designed to help those who have the financial capacity to handle a mortgage and are prepared for the responsibilities of ownership, but need assistance in covering closing costs. |
Program Basics |
The Moderate Income Homebuyer Assistance Program will provide a maximum of $5,000 in closing costs needed to purchase a home in the City of Chester. Applicants interested in applying for the Moderate Income Assistance Program must submit an application to the Chester Economic Development Authority (CEDA). |
Eligibilty |
Prospective buyers must meet the income guidelines listed on the back of this Summary, must live in the property as their primary residence and must complete a certified mortgage counseling program. |
Loan Amount |
Maximum of $5,000 in closing costs. |
Interest Rate/Terms |
The Chester Moderate Income Homebuyer Assistance Program will have a zero (0%) interest rate. The loan will be forgiven after the purchaser maintains the home as their primary residence for a five year period. Other conditions may apply. |
Fees |
$15.00 non-refundable fee per applicant to cover the cost of a merged credit report. |
2010 Income Limits
Household Size |
Income Limit |
| 1 person | $54,875 |
| 2 persons | $62,688 |
| 3 persons | $70,500 |
| 4 persons | $78,313 |
| 5 persons | $84,625 |
| 6 persons | $90875 |
| 7 persons | $97,125 |
| 8 persons | $103,375 |