December 18, 2025
Dreaming of your first home near Bryn Mawr but unsure how to cover the down payment and closing costs? You are not alone. Many buyers in the Main Line suburbs find great homes, then run into questions about price limits, income rules and how different programs fit together. This guide breaks down the assistance options that can apply to Bryn Mawr and nearby Philadelphia and Delaware County, what eligibility usually looks like, and how to take your next steps with confidence. Let’s dive in.
First-time buyer programs generally do one of three things: help with your upfront cash, reduce your monthly cost, or both. Assistance can come from the state, your county or city, or directly through a participating lender. Most programs pair with a standard mortgage and include education, income limits and a primary residence requirement.
Common types you will see:
The Pennsylvania Housing Finance Agency offers statewide mortgages and down payment or closing cost assistance that many first-time buyers use. Programs typically require homebuyer education and have income and purchase-price limits that vary by county and household size. If you are considering a Main Line purchase, keep a close eye on purchase caps since local prices can be higher than state medians. Start by reviewing the Pennsylvania Housing Finance Agency for current program options and limits.
Your options can change based on where the property sits. A home in Bryn Mawr may fall in Montgomery County, while some nearby addresses are in Delaware County or the City of Philadelphia. Each jurisdiction can have its own grants or forgivable loans with unique income and price limits, occupancy rules and timelines. If you are shopping inside the city, explore programs listed by the City of Philadelphia’s Division of Housing and Community Development.
Some local banks and credit unions offer their own down payment help, usually a forgivable or low-interest second mortgage tied to using that lender for your first mortgage. Terms vary, and funds can be limited. If you want the flexibility to compare lenders, ask early about any lender-specific requirements or limits on combining funds with state or county assistance.
An MCC is a federal tax credit administered by a state or local agency. It reduces your federal income tax based on a percentage of your annual mortgage interest. It does not provide cash at closing, but it can improve long-term affordability and sometimes pairs with other assistance.
FHA loans require a minimum 3.5 percent down payment and allow gifts and many forms of down payment assistance. FHA underwriting can be more flexible on credit than some conventional options, but mortgage insurance applies. Learn more about FHA basics through HUD.
Eligible veterans can use VA loans with no down payment and may combine assistance for closing costs. USDA loans also offer zero down, but the property must be in a USDA-eligible area based on a location map. Check property eligibility on the USDA site’s eligibility map, and find VA loan details at VA Home Loans.
Many first-time buyers use 3 percent down conventional programs with income-based underwriting. Fannie Mae’s HomeReady and Freddie Mac’s Home Possible can pair with down payment assistance in many cases. These options can offer lower mortgage insurance costs than FHA for qualified buyers.
Every program sets its own rules, but you can expect these common features:
Speak with a lender who regularly closes PHFA and Main Line loans. Ask which state, county, city and lender-funded products you can access and whether they are stackable.
Confirm the property’s jurisdiction. If you are targeting Bryn Mawr, verify whether the address falls in Montgomery County. If you venture into nearby neighborhoods, check if you have crossed into Delaware County or the City of Philadelphia and what that means for local grants.
Enroll in required homebuyer education. Many programs require a class and one-on-one counseling before you can reserve funds or close.
Reserve assistance and apply. Some programs require you to reserve funds before you sign a contract, while others accept applications after you are under agreement. Follow your lender’s and the program administrator’s timelines closely.
Document your file. Be ready with IDs, income, asset statements and gift letters if applicable. Keep copies of your education certificate and any second-mortgage disclosures for the assistance.
Close and comply. After closing, follow occupancy rules and any conditions for forgivable funds. If you refinance or move before the forgiveness period, ask your lender how repayment or recapture works.
Assistance amounts differ by program, loan type and county. Some products provide a set dollar amount toward down payment or closing costs. Others cap assistance as a percentage of the purchase price or loan amount. Since Bryn Mawr prices can be higher than average, the same assistance amount can cover a smaller share of your upfront costs. That is why pairing programs and choosing the right first mortgage can make a meaningful difference.
If your target home is above a program’s purchase-price cap or you exceed an income limit, you still have options. Conventional 3 percent down programs and FHA with gift funds can keep your upfront cash manageable. Some employers also offer down payment assistance or forgivable loans as a benefit. A seasoned lender can help you balance rate, mortgage insurance and cash to close to fit your budget.
Buying on the Main Line involves unique price dynamics, property types and jurisdiction rules. Line up an experienced lender early, review current assistance limits, and complete any required education so you can move quickly on a home you love. For neighborhood insight, property strategy and a search plan that fits your budget, connect with Jordan Arnold to schedule a confidential consultation.
His meticulous attention to detail and direct approach ensure that each transaction is conducted with efficiency and professionalism, distinguishing him as a standout figure of excellence within the business community.