![]() All households must have at least two people. Homebuyers must meet eligibility requirements including income restrictions, sufficient income for required first mortgage, acceptable credit and sufficient savings for the 3% down-payment. Special preference will be given to people who currently live or work in Lower Merion and to active Lower Merion volunteer firefighters. The second mortgage will reduce the expected payment to $1,100 – $1,500 per month depending on the income of the eligible household. The amount of assistance will be determined by the buyers’ actual household income in order to provide an affordable monthly payment of 31% of their gross income. ![]() Lower Merion Affordable Housing Corporation, in cooperation with Lower Merion Township, has an affordable first-time homebuyers program that reduces monthly payments by providing a second mortgage at zero interest with no monthly payments. ![]()
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