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 when they save a total of $2,000. This provides the participant with a combined total of $6,000. 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 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 (excludes 1 vehicle)
2023 Income Limits
(effective 1/1/23)
To qualify for the Money Match Program, your current household income may not exceed 400% of the Federal Poverty Level (FPL). Remember that household income includes the income of all household members, eighteen years of age or older, who will be residing in the new property. The MAXIMUM gross annual income limits are as follows:
| Household Size | <400% FPL |
|---|---|
| 1 | $58,320 |
| 2 | $78,880 |
| 3 | $99,440 |
| 4 | $120,000 |
| 5 | $140,560 |
| 6 | $161,120 |
| 7 | $181,680 |
| 8 | $202,240 |
Additional Requirements
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 three to 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
Benefits
- Participants who complete the program will have their $2,000 deposit matched 2:1 by The United Way in the amount of $4,000 for a combined total of $6,000 that they can use for closing costs ($2,000 + $4,000 = $6,000).
- This program can be combined with Media Fellowship House’s First Time Homebuyer Program where eligible participants receive up to $10,000 for closing costs. The two programs combined would provide up to $16,000 for closing costs.
Please submit the screening sheet available by download at the link above.
For more information about the program, please email Amy at info@mediafellowshiphouse.org or call us at 610-565-0434.
