The Money Match program is designed for low and moderate income first time homebuyers who are committed to purchasing a home but need a little help saving for closing costs. The program matches the participants' savings on a 2:1 basis by providing $4,000.00 when they save a total of $2,000.00. This provides the participant with a combined total of $6,000.00. These funds are then used to help the participant pay their closing costs.
About the program:
In partnership with the United Way of Greater Philadelphia & Southern New Jersey, Media Fellowship House is offering a matching savings program to provide eligible first-time homebuyers with up to $4,000.00 to help them purchase their first home. Thanks to a generous pledge from philanthropist Ira M. Lubert, this program will help low and moderate income residents build their savings to help pay for closing costs.
Eligible participants: Not everyone is eligible for this unique program and spots are limited. At a minimum, each participant must meet the following basic eligibility criteria:
Must have Earned Income (they must have a job or business where they receive income)
Annual income must not exceed a maximum amount based on household size
Net worth cannot exceed $10,000.00 (excludes 1 vehicle)
In addition to the basic eligibility criteria above, each program participant must agree to the following:
Must be 100% committed and able to purchase their first home within a 1 year time frame. (they must be able to get approved by a lender)
Must commit to opening a new bank account and making one deposit every month for at least six months in order to save $2,000.00 (at least $10 must be deposited every month)
Must complete first time homebuyer workshop and face to face counseling sessions as required
Participants who complete the program will have their $2,000.00 deposit matched 2:1 by The United Way in the amount of $4,000.00 for a combined total of $6,000.00 that they can use for closing costs ($2,000.00 + $4,000.00 = $6,000.00).
This program can be combined with Media Fellowship House’s First Time Homebuyer Program where eligible participants receive up to $5,000.00 for closing costs. The two programs combined would provide up to $11,000.00 for closing costs.