Employer-assisted housing available through participating employers. Household income and purchase price cannot exceed county limits. The home must be your primary residence. Minimum credit score of for some programs. Borrowers with FICO scores lower than must complete home buyer education. HFA Preferred home loan with mortgage insurance.
Keystone home loan program for purchasing property in certain targeted areas. Keystone Advantage Assistance loan program providing down payment and closing cost assistance. Mortgage credit certificate providing annual tax credit. Programs for persons with disabilities to help with down payment and closing costs. Homestead forgivable loan for down payment and closing cost assistance.
See website for details and other eligibility requirements. It may not be combined with the Keystone Home Loan. See website for more information and to learn if you are eligible to apply. The loan may be forgiven at 20 percent per year over five years, as long as the borrower meets certain requirements.
This program is for first-time homebuyers and is limited to specific counties which do not already receive their own federally allocated funds. See website for more information and to find out if your county is eligible. While the above programs are strictly available for first-time homebuyers, there are other statewide programs to assist individuals looking to move from one home they have owned into another.
This is a conventional loan product at a fully amortized year fixed rate term. PHFA is the servicer and works with a network of approved lenders. Because of this structure, borrowers will make monthly payments to PHFA.
Mortgage insurance is offered by one of several private mortgage companies if the down payment is less than 20 percent of the purchase price. Income limits and credit restrictions apply, so be sure to visit the website to learn more. Government loans have individual limitations and specific benefits by program, so be sure to check out the website for more information and learn if you may qualify.
The Keystone Advantage Assistance Loan Program is available to both first-time and repeat buyers to help with down payment and closing cost assistance. The loan will be amortized over 10 years at zero percent interest and must be repaid monthly. See website for more details and eligibility requirements. If a homebuyer is eligible for a PHFA loan and has a disability — or a household member has a disability — additional funds may be available to make accessibility modifications to their new home.
Restrictions apply, so be sure to check out the website for more information. Eligible borrowers must also use the Access Home Modification Program and meet income requirements. See website for details. The PHFA partners team with many participating employers via the Employee Assisted Housing EAH Program to offer a monetary home purchase benefit to their employees to help stretch their dollars a little further.
If the employee qualifies for a PHFA mortgage, they may receive additional financial benefits at no added cost to their employer. For more information and to learn if your employer is a participating EAH partner, visit the website. In addition to statewide programs, there are often homebuyer assistance programs based in different cities and regions of a state.
This program, when available, offers a low-interest, year fixed-rate mortgage for qualified borrowers who meet income limits and other requirements.
See website for more information and to apply. This organization offers homebuyer education courses and opportunities for homeownership financing and closing cost assistance. Bucks County offers a zero-interest loan for eligible home-buyers for down payment and closing-cost assistance. The Centre County Housing Trust Fund will be used to assist the home-buyer with down payment assistance.
Chester County has a terrific program for First Time Home Buyers; possibly the best closing-cost assistance program in the state. Clarion County Clearfield County. Clinton County provides a First Time Home Buyers-closing-cost Assistance Program to promote homeownership opportunities for county residents. Columbia County Housing Authority offers a down payment and closing-cost assistance Program for eligible low and moderate income First Time Home Buyers who want to purchase homes in the Columbia County.
Read More. And you never have to pay for private mortgage insurance PMI. Of course, few first-time buyers have saved enough for 20 percent down. Not by a long shot. Depending on the mortgage loan you choose, you could potentially get into your new house with minimal cash out of pocket.
These programs even let you use gifted money or down payment assistance DPA to cover the down payment and closing costs. These are meant to promote affordable housing for first-time buyers in PA. PHFA also offers free homebuyer education and counseling through one of its approved counseling agencies.
And some of its programs have income limits and home purchase price caps as well as minimum credit scores. The PHFA has some unusually attractive down payment and closing cost assistance programs. However, these tend to be forgivable loans rather than outright grants. But that loan comes with special terms:.
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