PHFA counseling agencies & credit counseling
Counseling
Agencies
Adams
Allegheny
Armstrong
Beaver
Bedford
Berks
Blair
Bradford
Bucks
Butler
Cambria
Cameron
Carbon
Centre
Chester
Clarion
Clearfield
Clinton
Columbia
Crawford
Cumberland
Dauphin
Delaware
Elk
Erie
Fayette
Forest
Franklin
Fulton
Greene
Huntingdon
Indiana
Jefferson
Juniata
Lackawanna
Lancaster
Lawrence
Lebanon
Lehigh
Luzerne
Lycoming
McKean
Mercer
Mifflin
Monroe
Montgomery
Montour
Northampton
Northumberland
Perry
Philadelphia
Pike
Potter
Schuylkill
Snyder
Somerset
Sullivan
Susquehanna
Tioga
Union
Venango
Warren
Washington
Wayne
Westmoreland
Wyoming
York
Are you a bit apprehensive about buying a home, or does buying a
home seem too overwhelming? If so, speak to a Pennsylvania Housing
Finance Agency (PHFA) housing counselor. The housing councilors will
discuss the home buying and mortgage process in easy-to-understand
terms and prepare you for homeownership. The counselors can review
your credit report and credit score to determine whether you meet
the minimum credit requirements by mortgage lenders.
The Pennsylvania Housing Finance Agency offers a variety of mortgage
programs for home-buyers and homeowners seeking to refinance their
current mortgage to a lower interest rate.
Before closing on their loan, PHFA requires applicants with a
midrange credit score of less than 680 to attend an in-person
house-purchasing course at a counseling agency. The system is free,
except for any credit report fees levied by the counseling
organization.
Credit reports used for home finance often provide three scores—one score from Equifax, one from Transunion, and one from Experian. The "middle" score would be between the low and high scores. Borrowers with a medium credit score of 680 or above may take the PHFA Online home-buyer course.
What if I have bad credit?
The councilors are trained to help you reestablish your credit and, in some cases, will speak to your creditors to help repair your credit history.
What's so great about PHFA?
The Pennsylvania Housing Finance Agency offers reduced interest rates for first and non-First Time Home Buyers. The interest-rate is almost always below the market interest-rate.
The interest rate discount is anywhere from 1/8% to 1/4% and can be even lower than market rates because there are no interest-rate adjustments for credit score and loan to value. Loan to value is lender speak for a down payment or equity.
The Keystone Government Program
The PHFA does not require a home-buyer to be a first-timer with
the Keystone Government Program. The Keystone Government Program is
built on FHA, VA, and USDA home loans. . . at a discounted interest
rate!
Read more about the Keystone
Government Program
The HFA Preferred™ HFA Preferred Risk Sharing™ Loans
The HFA programs are based on the conventional loan program. The
down payment requirement is only 3%! One program requires a monthly
mortgage insurance premium, and the other HFA program does not
require a monthly premium. Still, it carries a slightly higher
interest-rate instead than the monthly cost.
Read more about the HFA loan programs.
The Keystone Home-Loan Program
The Keystone home-loan Program is the PHFA program for
home-buyers who wish to make a sizable down payment for purchasing a
home. There are income and purchase limits, but the limits are very
generous and will vary by PA county. There is a First Time Home
Buyer requirement, although many Pennsylvanians are exempt from the
first-time limitation.
Learn more about the
Keystone
Home-Loan Program
Keystone Advantage Assistance Loan
The biggest hurdle to home ownership is money. The money for the
down payment and cash for the closing costs. Because of this, PHFA
offers a no-interest loan to help eligible home-buyers purchase a
home with PHFA financing. The assistance loan is stretched over ten
years. Qualified home-buyers can receive up to four percent (4%) of
the purchase price (or market value) or $6,000 (whichever is less).
Read more about the Keystone
Advantage Assistance Loan
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