PA First Time Home Buyer Programs | Closing Cost Estimate Calculators

Pennsylvania Housing Finance Agency (PHFA)

The Pennsylvania Housing Finance Agency (PHFA or the Agency) offers home purchase loans with low interest rates and fees that carry a fixed interest rate for 30 years. Eligible buyers may also qualify for a down payment and/or closing cost assistance loan. Additionally, Access Home Modification Program loans are available to buyers who need to modify the home they are purchasing to suit the living needs of a household member with a disability. With PHFA's Purchase Improvement loan, you can make repairs to the home you are purchasing, as long as they are supported by the homes appraised value.  Pennsylvania Housing Finance Agency Home Page

Some PA counties are classified as "targeted (T)", meaning, one does not need to be a first time home buyer to obtain financing through PHFA, however the applicant is required to meet the standard PHFA and underwriting guidelines.

The mortgage may be underwritten as an FHA, VA or conventional (Fannie Mae/Freddie Mac) mortgage.  Applications are taken by approved lenders.  You can find the participating lenders on the PHFA web site.

PA Keystone Home Loan Program

The Keystone Home Loan Program is the flagship program of PHFA.  Applicants must meet sales price and income limits. Click here for the: PHFA Keystone Home Loan Income & Sales Price Limits. You can view the requirements by clicking here: Keystone Home Loan Program. You will be redirected to the PHFA web site.

The Keystone Home Loan PLUS Program has the lowest PHFA interest rate available. This program has income and purchase price limits. Click here for: PHFA Keystone Home Loan Plus Income & Sales Price Limits. You can view the requirements by clicking here: Keystone Home Loan Plus Program. You will be redirected to the PHFA web site.

PA Keystone Assistance Loan Program

The Keystone Assistance Loan Program provides a zero interest second loan to help with costs associated with a home purchase. This loan has no monthly payment and only becomes due and payable upon sale or transfer of your home. The maximum amount of assistance available is $1,500 for buyers using the Keystone Home Loan program and $3,000 under the Keystone Home Loan PLUS program. Buyers must meet the requirements of the Keystone Home Loan or the Keystone Home Loan PLUS, as well as the criteria below:

All adult occupants may not have had an ownership interest in their primary residence in the last three years, nor may they have a present interest in any other real estate, except for a business property if the business is that person’s primary source of income. This applies even if the buyer is a purchasing a home in a targeted area under the Keystone Home Loan. Household liquid assets may not be greater than $5,000 after deducting the funds needed to close on the loan. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit, and similar liquid accounts. 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.

The following county programs have been approved for use in conjunction with a PHFA home loan. CLICK HERE FOR THE LIST: List of County and Local Assistance Programs

Adams County

Adams County Housing Authority
Phone: 717-334-1518
Fax: 717-334-0497
Website: www.adamscha.org
40 East High Street
Gettysburg, PA 17325

ALLEGHENY COUNTY, PA - First Time Homebuyer Program

Allegheny County offers a mortgage program for first time home buyers and non-first time home buyers who purchase in in certain areas of Allegheny County designated by census tract. This program is available for all municipalities in Allegheny County with the exception of the City of Pittsburgh. Allegheny County also has a closing cost assistance program for eligible applicants. Click on this link for the income, sales price and additional requirements: Allegheny County 1st Time Program.pdf. This link will redirect you to the Allegheny County web site: Allegheny County First Time Home Buyer Web Page

CITY OF PITTSBURGH - Pittsburgh Homeownership Program ( PHOP )

The City of Pittsburgh offers financing for the first time homebuyer who purchase a single family home. As with the other bond programs, this program is limited to participating lenders.  Some areas of the City of Pittsburgh are deemed to be "targeted", meaning, the buyer is not required to be a first time home buyer in these targeted areas.  If the link is broken to the first time home buyer program, go the URA web site. PHOP Home Page

BANK PROGRAMS - ( CRA )

Many banks offer special financing to support their community reinvestment initiatives (CRA). These mortgage programs are usually based on household income that is at or less than the median household income for the respective county. If your household income is at or less than the median household income, you should call the various banks in your area to see if you are eligible for a CRA loan. These programs will vary between banks. Some banks will offer lower down payment, some closing cost assistance, reduced mortgage insurance, etc. PA HUD Median Family Income Limits

The calculators are made available to you as a self-help tool for illustrative use only. Examples are hypothetical. We can not and do not guarantee the applicability or accuracy in regards to your individual circumstances. I encourage you to seek personalized advice from qualified professionals.

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