What is a PHFA grant?

The PHFA Grant provides grant assistance of $500 to help with downpayment and closing costs when obtaining the HFA PreferredTM(Lo MI) loan. The PHFA Grant of $500 does not require repayment and must be used towards the purchase of the home.

Is PHFA a mortgage company?

The Pennsylvania Housing Finance Agency — the PHFA — provides affordable housing to first-time and other buyers.

How long does PHFA take to process?

All PMAP funds will be sent directly to the lender(s) on behalf of approved homeowners. 21) WHEN WILL I GET A DECISION ON MY APPLICATION? Decisions will be made as soon as possible, but no later than 60 days from receipt by PHFA.

How do I apply for an FHA loan in PA?

FHA Loan Requirements

  1. FICO® score at least 580 = 3.5% down payment.
  2. FICO® score between 500 and 579 = 10% down payment.
  3. MIP (Mortgage Insurance Premium ) is required.
  4. Debt-to-Income Ratio < 43%.
  5. The home must be the borrower’s primary residence.
  6. Borrower must have steady income and proof of employment.

What credit score is needed to buy a house in PA?

660
The home must be your primary residence. Minimum credit score of 660 for some programs. Borrowers with FICO scores lower than 680 must complete home buyer education.

What is the First Front Door program?

Help for First-Time Homebuyers First Front Door (FFD) can help qualified first-time homebuyers with closing costs and down payment. For every $1 you contribute, FFD will provide $3 in assistance, up to $5,000.

What is a Hemap loan?

HEMAP was created by Act 91 of 1983, and was designed to protect Pennsylvanians who, through no fault of their own, are financially unable to make their mortgage payments and are in danger of losing their homes to foreclosure. HEMAP is a loan program to prevent foreclosure. non–continuing mortgage assistance loans.

What is the maximum FHA loan amount in PA?

$356,362
The FHA loan limit in Pennsylvania has risen to $356,362 and $822,375 for a single-family home, depending on which county the property is located in. The lower number applies to less expensive rural areas, while homebuyers in big-city Pike County might be able to qualify for more than $800,000.

What kind of loan can I get from PHFA?

PHFA offers the following loan ‘mortgage’ programs. A homebuyer counselor or participating lender can help you decide which is best suited for you. Learn more about our Home Purchase loan programs. Learn more about our Purchase Assistance loan programs.

Where can I get a home loan in PA?

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: PHFA (Pennsylvania Housing Finance Agency) provides affordable housing programs to Pennsylvania residents.

Is there any downpayment assistance for PHFA first mortgage?

In addition to the PHFA first mortgage, some applicants may qualify for downpayment and/or closing cost assistance through the Keystone Advantage Assistance Loan or the HOMEstead Program.

When was the Pennsylvania Housing Finance Agency ( PHFA ) created?

•PHFA was created by the legislature in 1972. •PHFA provides affordable housing options for older adults, families with low and moderate income and people with special housing needs. •PHFA focuses on 4 main areas: rental housing, homeownership, consumer counseling and education, foreclosure prevention. Rental Housing