Data sourced from internal PNC reporting showed $10,314,069 in actual funded grant dollar amount for the period of Jan 1, 2023, to Dec 31, 2023.
Downpayment Assistance & Affordable Housing Programs
At PNC, we offer down payment assistance and home loan grant programs that can help make buying a home more affordable.
PNC makes buying a home more affordable.
PNC Makes Coming Home a Lot More Exciting
In 2023, we issued over $10,000,000 in home loan grants to qualified borrowers helping make the dream of home ownership more affordable for thousands of PNC clients.[1]
Buying a home may be one of the biggest financial decisions of a lifetime, and we know that some clients may not be able to afford to pay a large expense like a down payment or have the needed funds to cover closing costs. That is why we offer specialized affordability programs that can help make home ownership more realistic for eligible borrowers.
In 2024, we are strengthening our commitment to making home ownership more affordable by expanding our down payment assistance and affordable housing programs.
You may qualify for one or more of these special programs* by meeting eligibility requirements.[1]
Plus, you may be eligible for a 1% pricing promotion in the form of discount points, used for reducing the interest rate or applied towards closing costs, for qualifying customers.[6]
You may be able to use funds from these programs:
- To lower your interest rate.
- Toward a down payment.
- To reduce or eliminate mortgage closing costs.
- To pay amounts due at closing to start an escrow account for homeowner’ insurance and property taxes.
Additional Options that Help Make Owning a Home a Reality
At PNC, we also offer specialized home lending products that feature more flexible eligibility requirements and offer specialized loan features that can help make owning a home more realistic for eligible borrowers. Product and specialized feature examples include:
- ZERO down payment required ($0) (USDA and VA loans)
- 3% down payment with as little as $500 in cash needed from borrower personal funds with no private mortgage insurance required (PNC Community Loan)
- Higher debt to income allowances (Fannie Mae RefiNow)
- Higher loan to value allowances (Fannie Mae 97% Program)
- Accepting credit scores as low as 600 (FHA)
- Use of gifts funds allowed as part of a down payment (Medical Professional)
See How Much You Can Afford
Calculators are provided for educational and informational purposes only. Estimates and other information generated is deemed reliable, but is not guaranteed.
Other Calculators You Might Be Interested In
Comparing loan options? Just looking for how much you can borrow? Use our home lending calculators to understand your financing options and help you decide.
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Take the Next Step Today!
Talk with one of our home lending expert MLO’s to find out what you may qualify for.
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The Low-Income Grant of $2,500 can be used if the qualifying income is equal to or less than 50% of the area median income for the subject property location. Funds may only be used for downpayment or closing costs for purchase transactions only.
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The Low to Moderate Income Borrower Grant of up to $3,000 can be used for purchase and limited cash out refinances if the qualifying income is at or below 80% of the Area Median Income based on the property location. The subject property must be located within PNC’s Community Reinvestment Act Assessment Area. Other program restrictions may apply.
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The PNC Grant of up to $5,000 or up to $7,500 can be used for purchase and limited cash out refinances if the subject property is located in a low- or moderate-income tract within select PNC Community Reinvestment Act Assessment Areas.
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The Special Purpose Credit Program offering of up to $10,000 is based on fund availability and can be used if the qualifying borrower’s income is equal to or less than 140% of the area median income for the subject property location for a purchase or limited cash out refinance. The financed property must be located in a designated majority minority census tract. The determination is based on data from the FFIEC for the metropolitan statistical area (MSA)/Metropolitan Division (MD). Offer available in select markets only.
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Depending on the location of your property, you may be eligible for a 1% pricing promotion based on the loan amount in an amount up to $7,665 that can be used to reduce the interest rate on your loan or pay costs you may incur at closing. Financial promotions paid on a borrower’s behalf may be subject to limits.
Subject to first mortgage product guidelines.
Terms and conditions of this offer are subject to change without notice.
Use of the PNC Grant, Low Income Grant and/or Special Purpose Credit Program may limit or preclude utilization of other discounts or programs and may be considered taxable income, and a 1099-MISC will be issued. Consult with your tax advisor.
Appropriate Internal Revenue (IRS) form will be issued.
PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
©2024 The PNC Financial Services Group, Inc. All rights reserved.
PNC Bank, National Association. Member FDIC
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