PHFA: The best mortgage program for the first time home buyer

PHFA graphicThe Pennsylvania Housing Finance Agency (PHFA) offers affordable housing services to citizens of Pennsylvania.  Several mortgage programs are available for Pennsylvania First Time Home Buyers (and non-First Time Home Buyers who purchase a home in "targeted" counties"). Here are some of the loan programs offered by PHFA:

The Pennsylvania Housing Finance Agency (PHFA) offers affordable housing services to citizens of Pennsylvania. For first-time home purchasers in Pennsylvania, many financing options are available (and non-First Time Home Buyers who purchase a home in "targeted" counties"). The following are some of the loan options made available by the PHFA:

Keystone Home-Loan Program

Keystone's home lending program includes income and property value limitations.
Applicants must be first-time home buyers, unless they are acquiring a house in a "targeted" county and do not own another residential property at the time of closing. This program is designed for first-time home buyers who have a 20% down payment.

A first-time home buyer is someone who has not previously owned or held title to a principal residence for at least 36 months. There are a few exceptions to this rule..  Read more

Keystone Government Loan Program

Under the Keystone Government Loan Program, USDA, FHA, and VA loans are available for first mortgage financing (K-Gov). The K-Gov program has no income or purchase price restrictions, and there is no need that you be a first-time home buyer. Read more.

HFA Preferred™ and HFA Preferred Risk Sharing™ Loans

A 3% down payment is required on HFA PreferredTM and HFA Preferred Risk SharingTM loans. The only difference between the two loans is that if the down payment is less than 20%, the HFA PreferredTM requires mortgage insurance. Read more

Keystone Advantage Assistance Loan

The Advantage assistance loan is available to purchasers who qualify for a PHFA-insured first mortgage (USDA/RD, FHA, or VA) via the Keystone home loan or Keystone Government Loan programs, as well as the HFA Preferred Risk Sharing and HFA Preferred mortgage programs.

Qualified homebuyers may borrow up to a part of the cash required to finance the down payment and/or closing fees connected with the purchase of their property. Read more