Pennsylvania First Time Home Buyers
If youve thought about owning a home for some time but thought that you couldnt afford it, you may be able to find help through one of the PHFA Homeownership Programs.
Statewide Homeownership Program
This is the flagship of Agency programs. It provides 30-year, fixed-rate home mortgage loans to first time homebuyers at lower-than-market interest rates. With small origination fees, liberal underwriting terms and year-round availability, the program has tremendous flexibility. Because the program can be used with conventional, FHA-insured, VA-guaranteed or Rural Housing Service (RHS)-guaranteed loans, it has been successfully adapted to changing market conditions throughout the state. Income and purchase price maximum limits apply to all loans.
Closing Cost Assistance Program
Homebuyers using the Lower Income Homeownership Program also may qualify for a deferred payment non-interest bearing closing cost assistance loan of up to $2,000. Repayment is required only upon payoff of the first mortgage or sale, transfer or non-owner occupancy of the property.
Joint Financing Program
PHFA and the U.S. Department of Agriculture's Rural Housing Service make below-market interest rate loans available to first time homebuyers in certain parts of the Commonwealth. Borrowers will receive the interest rate quoted under the PHFA Lower Income program for the first mortgage loan through PHFA while obtaining a second mortgage loan from RHS with subsidized interest rates as low as one percent. Funding for this program depends on the availability of federal appropriations to the Agriculture Department.
Lower Income Homeownership Program
This program targets families with children or persons with disabilities having incomes at or below 80 percent of their county's median income for the county in which they plan to purchase their first home. Applicants who meet additional eligibility requirements may be eligible for closing...