The Pennsylvania Housing Finance Agency was created in 1972 to provide affordable housing for low and moderate income families, seniors and people with special housing needs. PHFA programs and operations are funded primarily by the sale of securities and fees paid by program users, not public tax dollars.
Boulevard Mortgage has been an authorized lender of PHFA loans for over 40 years and have become not only experts in their loan products, but also big fans of the agency itself. As one of the top lenders for PHFA we see first-hand how their common-sense approach to lending along with their down payment assistance programs have opened the doors of homeownership to many buyers. Below are some of our favorite PHFA loan Programs with some details on each.
This is a great option when combined with an FHA loan. With the PHFA Keystone Advantage loan you can make a small down payment (3.5%) and get up to $6,000 (or 4% of sales price, whichever is LESS) to help with down payment or closing costs. In addition, the seller can also pay up to 6% of the sales price to cover almost all the other costs. PHFA does require that you have a 660 score and contribute at least 1% of the sales price or $1,000 (whichever is LESS) of your own money into the trasaction.
The VA option allows qualified veteran borrowers the ability to put zero down and use the Advantgage funds to cover all closing costs. The seller is also allowed to pay all or just a portion of the veterans' closing costs. There is NO minimum contribution needed from the borrower on VA Keystone Loans.
See more Details here: Advantage Down Payment
PHFA Keystone Government Loan
While the PHFA Keystone Advantage Loan described above is mainly for First-Time Homebuyers (Except in Target Areas) and has income and sales price limits, The PHFA Keystone Government Loans (K-Gov) are for anyone. It has no First-Time Homebuyer requirement, income or sales price limits. The Advantage Down Payment funds are also available for the K-Gov loan and this can be combined with FHA or VA Financing.
PHFA Preferred Risk Sharing Loan
We call this the "ZeroPMI" loan since that more accurately describes the benefits to homebuyers. As the name suggests, there is no PMI on the loan and you can put as little as 3% down. This is strictly a Conventional loan and the seller is limited to paying 3% of the sales price towards closing costs. The Advantage Down Payment funds can be used with this loan.
See how it works here: ZeroPMI Loan
PHFA Homestead Loan
You can get up to $10,000 in forgivable funds if you meet certain guidelines and buy a home in an elgible area. These funds can cover your full down payment and closing costs. If you stay in the home for at least 5 yrs the secondary loan is completely forgiven - you never have to pay it back!
See how it works here: $10,000 Down Payment Assist
PHFA Access Modification Loan
The ACCESS Home Modification Program provides mortgage loans up to $10,000 to assist persons with disabilities or who have a family member(s) living in the household with disabilities who are purchasing a home that needs accessibility modifications. This program provides a deferred payment loan, with no interest, and no monthly payment. The loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property.
See more here: Access Modification Loan