The dream of homeownership is often out of reach for many, but Firstrust Bank’s new Home Prosper Mortgage Program is helping to make that dream a reality.

The Home Prosper Mortgage Program, a Special Purpose Credit Program unique to Firstrust, is for borrowers purchasing homes in majority Black and Hispanic census tracts (MBHCT), where more than 50 percent of the population is Black or Hispanic. Program benefits include flexible credit requirements and access to funds to help cover down payment and closing costs. First-time homebuyers moving from a MBHCT community to a non-MBHCT community are also eligible for these benefits.

“In today’s challenging housing market, where finding the right home is already a significant hurdle, Home Prosper provides access and options for aspiring homeowners in our MBHCT communities,” said Tim Abell, CEO and President of Firstrust Bank. “Firstrust’s Home Prosper Mortgage Program provides down-payment and closing-cost assistance to bridge the gap for eligible purchasers who may otherwise find homeownership out of reach. Firstrust is seeking to provide opportunities that make homeownership more attainable in the communities we serve, building stronger communities and creating opportunities for long-term stability.”

There are currently two products offered in the Home Prosper Mortgage Program: Down Payment Assistance/Closing Cost Program and the Home Grant Program. Both products are available to eligible borrowers regardless of their income level.

The Down Payment Assistance/Closing Cost Program is a second lien purchase money mortgage that is fully deferred and due upon sale or cash-out refinance. Through the product, borrowers can receive up to $10,000 in assistance that can be used with any available conventional first lien loan program.

The Home Grant Program includes Home Purchase Grant Funds that are fully forgiven at closing. Borrowers can receive up to $5,000 in assistance, which may be used with any available first lien loan program.

“The best way to determine eligibility for the Home Prosper Mortgage Program is to meet directly with one of our loan officers at Firstrust, where they’ll be able to help you assess which one of our mortgage programs would be a fit for your situation to support you on your journey to home ownership,” said Abell.

The products are available to borrowers who close on a first lien home purchase mortgage with Firstrust in a MBHCT in Philadelphia, Bucks, Montgomery, Chester, and Delaware counties in Pennsylvania, Camden County in New Jersey, and/or Baltimore County in Maryland. Additionally, the products are available to borrowers who currently reside in an MBHCT and are not buying in an MBHCT, as long as one of the borrowers is a first-time homebuyer.  

Learn more about Firstrust Bank and its Home Prosper Mortgage Program.