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PHFA Mortgage Help Programs
The Pennsylvania Housing Finance Agency (PHFA) has programs which offer help with closing costs when buying a home. PHFA Mortgage Help Programs are available to those in need in Pennsylvania. Although there are certain requirements to qualify for these programs, the benefits you can receive far outweigh the time and effort you must invest. For example The Keystone Home Loan Program would make you eligible for a loan of up to $1,500 from the Keystone Assistance Loan Program at zero percent interest. Those who qualify for the Keystone Home Loan Plus Program could be eligible for up to $3,000, again at zero interest.
Those who are in the “Homestead” program have the possibility of borrowing anything from $1,000 to $14,999 toward down payment and closing costs. People using the Access Modification Program have the Access Down payment and Closing Cost Assistance Program available.
To be considered a First Time Homebuyer you must not own another house or even a mobile home if it is deeded and taxed and considered a real estate. The PHFA would reimburse you if you were called upon to pay recapture tax when you sell your home.
This could only happen if you sold your home within 9 years, your income was more than the government limit and you made a profit on the sale of your home. This is for those who apply for a loan after January 1 2004. To give you confidence while looking
for a home and a mortgage PHFA have a network of counseling agencies which provide information at no cost to you about the whole process of home buying. PHFA have many participating lenders throughout Pennsylvania who will guide you from start to
finish. You can fill in an application form with a participating lender on line or by phone though applications directly with the PHFA can not be processed on line.
There is a special program called The Access Home Modification Program which is offered with any PHFA first mortgage program, to help people with physical disabilities or who have family members who have physical disabilities and who need to make Accessibility modifications. It is a loan with deferred payment and with no interest. It is possible that those who are eligible for the Access Modification Funds could also qualify for the Access Down payment and Closing Cost Assistance Program. The Keystone Home Loan has the least restrictions and the highest purchase price and income limits. The Keystone Home Loan Plus has the lowest available rate and the income limits and purchase price are lower too. Down payment and closing cost assistance in the form of the Homestead Program has different income and purchase price limits.
Getting a PHFA loan will not take any longer to process than any other mortgage. The length of time depends on many factors such as the condition of the property, the seller´s timeline, the lender, the real estate agent, the documentation supplied and so on. You
can be sure that there will be a program for your needs and situation that will make it easier for you to become a homeowner, so please get in touch with the PHFA.
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