Down payment and closing cost assistance: Offers an interest-free loan of up to $10,000 that borrowers can use to make modifications to meet the needs of the person with a physical … JavaScript is turned off in your browser. 6026 or reach out to one of our Mortgage Experts for assistance. THE DEADLINE FOR DISBURSEMENT OF ALL PMAP FUNDS IS 11/30/2020. Repayment is not required as long as you occupy the home as your principal residence. IF YOU STARTED AN APPLICATION BUT DID NOT HIT THE "SUBMIT" BUTTON, WE'RE SORRY BUT THE DEADLINE TO DO SO HAS PASSED. are a first-time buyer. It will also help you identify and avoid unscrupulous lenders and contractors that do not have your best The credit rate percentage is based on the original loan amount as listed in the chart below. An initial payment in an amount up to 1/3 of the contract amount may be disbursed to the contractor at or after your closing date. The Pennsylvania Housing Finance Agency (PHFA) offers eligible homebuyers assistance in meeting the upfront costs of homeownership through different programs, one of which is the Keystone Advantage Assistance Loan Program. Eligible areas are noted on the limits above. This assistance may be used with or without the modification program, but the property must meet HUDs Housing Quality Standards, and there are maximum income and purchase price limits depending on the county in which the home is located. your lifetime. First time buyers may also be eligible for up to $10,000 in a no interest downpayment and closing cost assistance loan through the HOMEstead Program. Participating employers who offer a monetary home purchase benefit to their staff, partner with PHFA to stretch their employees' home buying dollars even further. The K-FIT program requires all borrowers to have a minimum credit score of 660. The Mortgage Credit Certificate calculator  provides an estimate of the potential tax benefits of having an MCC. Homebuyers working for a Participating EAH Employer can receive a Keystone Advantage Assistance Loan of up to $8,000 for downpayment and/or closing cost assistance in the form of an interest free loan amortized over 10 years. Also, any determination of eligibility will delayed if your applicaton is submitted but is not complete. That is up to you. Getting to know your neighbors will provide you with a sense of community and security. If you meet the conditions above, contact a PHFA participating lender to start your mortgage application. A professional home designer can help you decide what type of modifications should be made. The maximum amount of assistance to eligible homebuyers will be based upon the lesser of the purchase price or appraised value. The minimum loan amount is $1,000. Only first and second mortgages are eligible. Please note that applications are not considered submitted until you actually press the "SUBMIT" button on the "Review and Submit" page. The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental apartment options for senior adults, low- and moderate-income families, and people with special housing needs. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit and similar liquid accounts. 20 percent per year over five years for all loans closed on or after January 1, 2007. IndiSoft LLC is a software development and product company specializing in delivering collaborative technology solutions to a wide range of businesses in the financial services and health care industries. Learn More. In certain cases, based upon family need, the funds may provide additional down money to make the property affordable to the buyer. THE DEADLINE FOR DISBURSEMENT OF ALL PMAP FUNDS IS 11/30/2020. THERE ARE SEVERAL STEPS THAT TAKE TIME AND MUST BE DONE PRIOR TO DISBURSING APPROVED FUNDS. So, you would be making your mortgage payment directly to PHFA for the Newsletter Subscribe Common modifications include the addition or repair of an entrance ramp, widening of doors and hallways, installation of grab bars and handrails, bathroom and/or kitchen modifications, and the installation of lifting devices. * ALERT! If the loan is refinanced, the MCC may be eligible for reissue with the approval of PHFA. Funds from retirement accounts such as 401(k)s, IRAs and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired. Grant funds may also be used with other PHFA homebuyer programs, including the Keystone Advantage Assistance Loan and the HomeStyle Renovation and Mortgage Credit Certificate programs. If the borrower maintains ownership and continues to occupy the property, they will be eligible to claim the credit for the life of the loan. Welcome to the PANDEMIC MORTGAGE ASSISTANCE PROGRAM application page. PHFA also offers homebuyers the opportunity to receive homebuyer counseling and education through one of its approved counseling agencies. ... PHFA … Therefore, most homes built prior to 1978 are not eligible for HOMEstead assistance. PHFA HOMEstead funding is therefore allocated to eligible homebuyers on a first-come, first-served basis. The contract must: The appraisal of the home will be based upon the as-is condition of the home. PHFA Mortgage. Assistance under the Program is limited to the lesser of 4% or $6,000 to non EAH borrowers. The Access assistance loan is only available to buyers who are also using the Access Home Modification Program described below and whose gross, annual household income does not exceed 80 percent (80 %) of statewide family median income as determined by the Federal Department of Housing and Urban Development. Keeping your home attractive and in good repair will help it to maintain or even increase in value. Be sure to provide all information and documentation requested. Although the employers' benefits do not have to be contingent on a PHFA mortgage, if the employee is approved for a PHFA mortgage, through a participating lender, the borrower will receive additional financial advantages, at no cost to the employer! Assistance can only be used for the minimum required downpayment and/or closing costs. All PHFA loans have the following advantages: Contact Us Eligible borrowers may receive five percent (5%) of the lesser of the purchase price or appraised value with no maximum dollar limit in downpayment and closing cost assistance. Applications may be submitted by mortgagors as well as lenders on behalf of their mortgagors. All programs offer a fixed interest rate for 30 years. Moving into your new home is just the start to the benefits and responsibilities of owning your own place to live. Buyers participating in PHFA’s Keystone Home Loan Program are eligible to apply if they meet certain HOMEstead Program income and home purchase price limits that vary by county. Buyers with a disability or a disabled household member, who are eligible for any of these home loan programs, may also be eligible to receive funds to make accessibility modifications to the home they buy and may also be eligible for up to $15,000 in a no interest downpayment and closing cost assistance loan through the Access Downpayment and Closing Cost Assistance Program. IF YOUR APPLICATION WAS NOT COMPLETE, YOU MUST ACT NOW TO SEND THE REQUIRED INFORMATION. The payments do not include amounts for taxes and insurance premiums. Twitter However, we strongly encourage you to seek the assistance of a counselor before you sign a sales agreement, especially if you THERE ARE SEVERAL STEPS THAT TAKE TIME AND MUST BE DONE PRIOR TO DISBURSING APPROVED FUNDS. Borrower(s) liquid assets may not be greater than $50,000 after deducting the funds needed to close on the loan. The Keystone Advantage Assistance Loan Program provides a second mortgage loan to help with the costs associated with the purchase of a home. You may be able to find a home that suits your lifestyle and living needs just the way it is. 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. The $2,000 limit does not apply to the credit rate of 20%. Funds from retirement accounts such as 401(k)s, IRAs and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired. Applicants must meet the requirements of the applicable PHFA first mortgage program, and must also meet the requirements associated with the MCC program which are listed below: The Mortgage Credit Certificate will expire if the home is sold or is no longer used as the borrower's primary residence. PHFA then buys the loan from them immediately following Applicants must have become unemployed after 3/1/2020 or have had their annual income reduced by 30% or more due to reduced work hours and wages. Please contact your tax professional to determine actual calculations. This program provides a second mortgage loan to help buyers supplement the costs of homeownership. The funds for the modification(s) will be held in escrow when you close on your home. HOMEstead borrowers must meet the minimum downpayment requirement based on whoever is insuring or guaranteeing the loan. The Keystone Home Loan program has income and purchase price limits, as well as a first time homebuyer requirement specific to each county. The PHFA Grant can be used in conjunction with the following PHFA first mortgage home purchase loan programs: Eligible borrowers may also combine the PHFA Grant of $500 with the Keystone Advantage Assistance Loan Program. Mortgage Assistance for Home Buyers in Pennsylvania. The grant may cover up to 6 months of mortgage payments at a maximum amount of $1,000 per month per mortgage for payments that came due during the period of March through December 2020. The MCC is available to qualified homebuyers in conjunction with the following PHFA first mortgage home purchase loan programs: Due to the source of funds, an MCC cannot be used in conjunction with the Keystone Home loan. Employees must meet the eligibility requirements for the Advantage Program to qualify. Program requirements and funding availability are determined by the US Department of Housing and Urban Development as set forth in the HOME Investment Partnership Program and the American Dream Downpayment Initiative. participating lender. Income limits: 80% of statewide family median income. Be signed by you and a contractor registered with the. Be contingent upon approval of your home loan; State the specific work to be done and must be supported by specifications, blueprints, drawings, etc. The K-FIT Loan Program may not be combined with any other PHFA assistance program, except for the. Combining the Employers benefit with a PHFA mortgage will reap even more benefits for the employee. Most major cities and seven counties are wholly excluded from the program because they receive their own federal allocation. interests at heart. FAILURE TO DO SO WILL RESULT IN DENIAL. If you think you might be eligible for a PHFA home loan (with or without any additional assistance loans), contact a and to obtain the necessary permits and a certificate of completion within 90 days of your closing date. buying process. Available to: Homebuyers with a disability (or a disabled household member) who qualify for a PHFA mortgage loan. Governor Tom Wolf announced today the Pennsylvania Housing Finance Agency is improving the COVID Relief Mortgage and Rental Assistance Grant Program to help more renters and homeowners remain in their homes. Available to first time and non-first time homebuyers. you can have peace of mind knowing that you made the best decision on what will probably be the largest purchase of You should not rely on the lender to determine if and what kind of access modifications would be right for you. As in all PHFA homeownership programs, loans are made by a local participating lender, not by the Agency itself. ** PMAP grants are funded with Federal funds, which are limited in the amount available and the timeframe during which the funds can be used and applied. YouTube It may not be used in conjunction with any other PHFA downpayment and/or closing cost assistance program. When you start off on the right foot, the loan closing (also referred to as Settlement). Below market fixed rates. The Keystone Government Loan program does not have income or purchase price limits, as well as not having a first time homebuyer requirement. IF YOU ALREADY SUBMITTED AN APPLICATION, IT CAN STILL BE ACCESSED AND WILL BE REVIEWED. The asset limitation of liquid funds may not be greater than $50,000 after deducting the funds needed to close on the loan. Effective Oct. 17, landlords and mortgagees will have a new option to reach agreements with renters and homeowners for repayment of rent and mortgage payments above … In other words, the home's value does not have to support the amount of the modifications. PHFA also offers homebuyers the opportunity to receive homebuyer counseling and education free of charge through one of its approved counseling agencies. 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 Keystone Advantage Assistance requires all borrowers to have a minimum credit score of 660. Instead, there is a network of lenders and First-time homebuyers only? Please continue to scroll down for more important program information. ; Include the actual maximum amount that can be charged (not estimated amount); Include a release of lien clause to maintain clear title; State that the contractor agrees to complete the work in compliance with all applicable building codes and zoning restrictions $10,000 in downpayment and closing cost assistance in the form of a The Pennsylvania Housing Finance Agency is pleased to offer an Employer Assisted Housing (EAH) Initiative to help address the issues regarding the lack of affordable housing for low- to moderate-income workers. To learn more about these programs and many others, call us at (800) 283-2328, ext. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit and similar liquid accounts. PHFA does not handle the mortgage application process. The home must also meet other property guidelines specified by federal rules. Keystone Advantage Assistance loans may be used on Conventional, FHA, VA or RD loans. can afford. Government backed loans may require certain geographical, family status, income, purchase price limits, and/or property requirements. The Keystone Advantage Assistance 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 Advantage Program which are listed below: The Keystone Forgivable in Ten Years Loan Program (K-FIT) is available for qualified homebuyers, to provide assistance towards downpayment and/or closing costs. The HOMEstead Program is not available in all areas and may not be used in conjunction with any other PHFA downpayment and/or closing cost assistance program. We strongly encourage you to seek the assistance of a counselor before you sign a sales agreement, especially if you are a first-time buyer. and maintenance items. Flickr. The K-FIT loan is forgiven on an annual basis over ten years at a rate of ten percent (10%) a year. HOMEstead funds may provide the remainder of the downpayment and the closing costs. 2018 Harrisburg Magazine Reader Choice Award for Best Mortgage Company, You skipped to and are entering the secondary navigation menu, You skipped to and are entering the main content, capped annually at $2,000 maximum eligible tax credit amount. brokers throughout the state that will process and close the loans. Qualified borrowers can receive up to four percent (4%) of the purchase price or market value or $6,000 (whichever is less) in downpayment and closing cost assistance to be repaid monthly. This web site requires JavaScript to function properly. The Keystone Advantage Assistance Loan Program provides a second mortgage loan to help with the costs associated with the purchase of a home. It offers a zero-interest loan between $1,000 and $10,000 in conjunction with a PHFA Keystone Home Loan or Keystone Government Loan. All applicable FHA, VA or RD loan underwriting requirements apply, including loan to value and downpayment requirements. The PHFA Grant of $500 does not require repayment and must be used towards the purchase of the home. This program was created through CARES funding and allows for a grant to pay mortgage payments that are unpaid due to circumstances caused by the effects of the COVID-19 Pandemic. Any borrower with a FICO credit score lower than 680 is required to complete a course prior to closing on their loan. Federal regulations for Lead-Based Paint Hazard Reduction (24 CFR Part 35) are applicable to HOMEstead Second Mortgage Program applicants. The Pennsylvania Housing Finance Agency (PHFA) offers eligible homebuyers assistance in meeting the upfront costs of homeownership through different programs, one of which is the HOMEstead Downpayment and Closing Cost Assistance Loan. Attending a pre-closing course is required for borrowers with a FICO credit score lower than 680. Prior to 10/17/2020, lenders were required to release the homeowners of any excess amount owed, however, in consultation with the Wolf Administration, and based upon assertions by members of the Pennsylvania legislature that the legislative intent was to only release a recipient of amounts paid under the program, PHFA modified the program criteria accordingly. The lender will be able to determine if you qualify for a home loan and, if so, how much of a home you PROGRAM CHANGE:  Effective 10/17/2020, homeowners are obligated to pay any excess amount owed for any payment made by PMAP if the lender requires it. Facebook Any approval is, at all times, subject to the availability of such funds. Homebuyers eligible for the HOMEstead program may qualify for up to No disbursements under the Program may be made after 11/30/2020. THE APPLICATION PERIOD HAS ENDED. PHFA Executive Director and CEO Robin Wiessmann included a video message in today's presentation to honor these lending organizations for their assistance to … Before you sign a sales agreement with the seller, you should first determine if the house suits your present and future living needs, or if it could be made suitable with up to $10,000 in modifications. It is a dollar-for-dollar reduction against your federal tax liability. An Employer Assisted Housing program benefits everyone; the employee, the employer and the local communities. The assistance loan will be amortized over a ten year term at zero percent (0%) interest. 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