(For a representative $10,000 loan with $0 financing charge. Feb 21 2023: PHFA plans financial education podcasts starting Feb. 27. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit and similar liquid accounts. Twitter Please enable JavaScript in your browser settings then reload/refresh this page. PHFA does not impose any additional guidelines except as noted below. All borrowers must complete homebuyer education from an approved, You meet the eligibility requirements for the. Flickr, If you are not a Homeownership Professional, please go to the ", You skipped to and are entering the secondary navigation menu, You skipped to and are entering the main content, G. PHIF Guidelines, Pricing, and Procedures, J. This program can be used in conjunction with the HFA Preferred program. TAB 39 - Letter Outlining Bond Financing Strategies: Letter Outlining Bond Financing Strategies. When you start off on the right foot, The lender will submit a signed Contractor Profile Report provided by the participating lender with specs, contract(s), etc., to PHFA when they submit the pre-closing package. Otherwise, you will not be able to visit other pages using the navigation "menu" bar or have access to other content throughout the site. Your eligibility is determined by the PHFA participating lender Sticking to a sound budget will help you keep up with your mortgage payments and save some funds for future replacement Borrowers obtaining the HFA Preferred loan may qualify to receive a PHFA Grant of $500 to be applied towards downpayment and closing costs. A maximum of two inspections with a charge not to exceed $75 each may be ordered by the lender. UD }//U_'&Q$qB DN''MO#=qw[1>>BSc}>=$Np#Y'6;z5~Mo Two-unit properties are eligible for this program. The lender will submit a signed Purchase/Improvement Program Acknowledgment with specs, contract(s), etc., to PHFA when they submit the pre-closing package. Keystone Advantage Assistance loans may be used on Conventional, FHA, VA or RD loans. Web training includes basic and advanced lender training program. Additional financing of up to 4% of the sales price is available as a second loan (no interest, 10-year term) Mortgage Insurance is required Any borrower with a FICO credit score lower than Terms up to 20 years (up to 15 years for manufactured homes). The asset limitation of liquid funds may not be greater than $50,000 after deducting the funds needed to close on the loan. PHFA will underwrite your application and let you know if you are approved. The Multifamily Housing Application is the form portion of the application that is used for all rental housing programs. Once that maximum age is reached the appraisal has expired and is no . If you will be making modifications to the home, you will need to provide the lender with a contract for the modifications. He must determine the market value of the house being purchased, and must also evaluate the property to ensure that it meets HUD's minimum guidelines.. Most major cities and seven counties are wholly excluded from the program because they receive their own federal allocation. Borrower should be aware that not all participating lenders offer FHA, VA or RD loans. Two-unit properties are not eligible for this program. Home Improvement & Repair Loans | PHFA Loan Programs PA Housing Finance Agency Loan Programs for Home Improvements & Repairs The program that is best for you will depend on your specific circumstances, such as your credit history and amount of cash savings, as well as your individual preferences. Pennsylvania Licensure Requirements. Project Location: for on-lot septic repair, all areas of PA are eligible unless a public wastewater collection and treatment system is either in place or will be constructed in the next five years. As stated above, the FHA appraisal rules require such systems to be acceptable to the local authority. In addition to the PHFA first mortgage, some applicants may qualify for downpayment and/or closing cost through one of our many assistance programs. As in all PHFA homeownership programs, loans are made by a local participating lender, not by the Agency itself. A PHFA approved homebuyer education provider or participating lender can help you decide. Vacating a jointly owned property A person who holds a certificate issued under authority of the Real Estate . National first-time home buyer programs. At closing, PHFA will hold the ACCESS Home Modification funds in an escrow account, pending completion of the modifications. The Keystone Forgivable in Ten Years Loan Program (K-FIT) can be used in conjunction with the following PHFA first mortgage home purchase loan programs: Buyers must meet the requirements of the applicable PHFA first mortgage program, and must also meet the requirements associated with the Keystone Forgivable in Ten Years Loan Program (K-FIT) which are listed below: The Pennsylvania Housing Finance Agency (PHFA) offers home loans with competitive interest rates and fees through any of the Agency's first mortgage home purchase loan programs (i.e., Keystone Home Loan, Keystone Government Loan, HFA Preferred(Lo MI), HFA Preferred Risk Sharing(No MI)). * ALERT! Removal of refinanced or modified balloon loan policies: removing all references to refinanced or modified balloon loans from the Selling Guide. Otherwise, you will not be able to visit other pages using the navigation "menu" bar or have access to other content throughout the site. The Pennsylvania Housing Finance Agency (PHFA or the Agency) offers home purchase loans with competitive interest rates and lower fees. 'zSD7t+ V#kf$E'c vM0q(=8Pk#7eqDI9bP$xbv"zyo% s,(VP[qEa:zh-3/~c_B~jOl)_bT%7On*I\ 9ks"(Fj\5]-^l3+v[mbshp[4Cr/9u5c4 !z]5xm-rnp6U15P>C},^\%Awp{JDH[oAX2',!VEW":ppkN! fs{NL$6kk. These home loans are originated, processed, and closed by a network of approved participating lending institutions. Act of Feb. 14, 2008, P.L. Downpayment and closing cost assistance loans are available. Apply to Teller, Loan Counselor, Loan Manager and more! Applicants will be notified regarding any equity adjustments during processing. At closing, the lender will escrow the repair funds and will thereafter monitor the completion of the repairs and issue draws, if applicable, using 49 Request for Payments and Completion Certification. (NOTE: The contract should include a clause stating that its implementation is contingent upon approval of the mortgage loan). K-FIT provides eligible homebuyers with five percent (5%) of the lesser of the purchase price or appraised value with no maximum dollar limit. For the Keystone Home Loan Program, eligible buyers may include between $1,000 and $15,000 for repairs and/or improvements with a conventional PHFA first mortgage, as long as the As Completed appraised value supports the cost of the repairs. Title Insurance Companies Acceptable to PHFA for the Mortgage Revenue Bond Programs, 04 Recapture Tax Notice (Locks made on or after 8/1/2022), 05 Affordable Housing Assistance Program Checklist, 27 New Loan Tax and Insurance Information Sheet, 29 List of Authorized Officers and Underwriting Personnel, 30 Final Document Submission Cover Letter, 48 Purchase & Improvement - Access Mod Acknowledgement, 49 Request for Payments and Completion Certification, 50 Requirements and Guidance for PHFA Home Improvement Loans, 51 Pre-Closing Package Checklist - PURCHASE, 51R Pre-Closing Package Checklist - REFINANCE, 54 Subordinate Note (Access DP & Access MOD), 54ADV Keystone ADVANTAGE Loan Subordinate Note, 55 Subordinate Mortgage (Access DP & Access MOD), 55ADV Keystone ADVANTAGE Loan Subordinate Mortgage, 57ADV Keystone Advantage Closing Disclosure, 66 Borrower's Authorization to Release Information, 67 Authorization Agreement for Automatic Withdrawal Payments, 70 Warehouse Lender ACH Information (if PHFA is to fund a warehouse lender), 71 Authorization Request for Escrowed Mortgage Payments, 02 MCC Homebuyer Fact Sheet (Hoja informativa para compradores de vivienda de MCC), 03 Mortgagor's Affidavit (Declaracin Jurada de Hipoteca), 08 Divorce Applicant Affidavit (Declaracin Jurada del Solicitante de Divorcio), 11 Gift Affidavit (Declaracin jurada de regalo), 17 Buyer's Statement/Source of Funds (Declaracin del comprador/Fuente de fondos), 19 Addendum to Note/Construction Loan (Addendum para/Notar prstamo de construccin), 21 Co-Signer's Certification (Certificacin del co-firmante), 28 Hello/Goodbye Letter (Hola/Adis carta), 40 Note/Mortgage Modification Agreement (Nota / Acuerdo de modificacin hipotecaria), 48 Purchase & Improvement-Access Mod (Reconocimiento de compra, mejora o modificacin), 49 Request for Payments & Completion (Solicitud de pagos y certificado de finalizacin), 50 Requirements and Guidance for PHFA Home Improvement Loans (Requisitos y orientacin), 54 Subordinate Truth In Lending and Note (Access MOD), Access Modification/ Access Down payment CCA (Eligible w/ all PHFA programs), Keystone Flex Purchase & Improvement w/ KFIT, 2021-02-04 Quarterly Program Update, 1st Quarter, 2021-02-10 Interim Program Update: K-FIT Launch Date, 2021-03-10 Interim Program Update: PHFA Grant of $500, 2021-11-12 Quarterly Program Update, 4th Quarter, 2022-02-28 Quarterly Program Update, 1st Quarter, 2022-04-04 Quarterly Program Update, KFLEX Facts, 2022-06-06 Quarterly Program Update, 2nd Quarter, 2022-08-16 Quarterly Program Update, 3rd Quarter, 2023-02-03 Quarterly Program Update, 1st Quarter, 09 Notice of Credit Denial, Termination or Change, 10 HOMEstead's Check List (Aide for Compliance Submission), Regional Training March 14, 2023: Monroeville, Regional Training March 15, 2023: Harrisburg, Regional Training March 21, 2023: Williamsport, Regional Training March 22, 2023: Plymouth Meeting. Newsletter Subscribe Facebook This conventional loan will be based on the lesser of the total acquisition cost or the as completed appraised value. Show more Show less Employment type Full-time . Check with a PHFA participating lender to determine the specific costs. The loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property. This product offers a fully amortized 30 year fixed rate term. Funds will be available on a first-come, first-serve basis. Generally, you should plan to use no more than 30 percent (30 %) of your income for your monthly mortgage payment. The guidelines listed below are in addition to any applicable requirements of Fannie Mae, Freddie Mac, FHA, VA and RD. However, loan closings may be delayed, potentially significantly, by slow responses from applicants and contractors, and higher-than-expected application volume. Join to apply for the Property Manager role at Delaware County Housing AuthorityProperty Manager role at Delaware County Housing Authority If you are not sure where to begin, we suggest visiting our "Start Here" page for Homebuyers. and maintenance items. The assistance loan will be amortized over a ten year term at zero percent (0%) interest. Throughout the country and certainly throughout Pennsylvania, homeownership is beyond the reach of core community employees, medical personnel, school employees, police and fire personnel, county workers, laborers, service industry staff, etc. No restrictions on household income as of 1/1/2019. The checks for each draw must be signed by both the borrower and the contractor.
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