Homebuyers Start Here
PHFA offers home purchase and refinance loans to qualified borrowers throughout the Commonwealth. What you choose will depend on your individual situation.
How do I get started?
PHFA offers homebuyers the opportunity to receive free homebuyer counseling and education through one of its approved counseling agencies. PHFA requires borrowers with a FICO credit score lower than 680 to complete a course in-person prior to closing on their loan. 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. The counselor will be able to determine if you are ready for a home loan, and if so, how much of a home you can afford. If you're not ready, they can help you develop a plan.
The next step would be to contact one of our participating lenders. PHFA does not handle the mortgage application process. Instead, we have a network of lenders and brokers throughout the state who will process and close your loan. We then buy the loan from them immediately following the loan closing (also referred to as Settlement). You would be making your mortgage payment directly to PHFA for the life of your loan.
Counseling and Education
Why should I choose a PHFA Home loan?
- Competitive interest rates.
- Fewer fees.
- 30-year, fixed rate terms.
- Can be used with conventional, FHA, VA, or RD loan types.
- Save up to $2,000 each year if you qualify for the Mortgage Tax Credit Certificate.
- Possible downpayment and closing cost assistance.
- Your mortgage is serviced by PHFA for the life of the loan.
- Special programs for persons with disabilities.
- Employer Assisted Housing available to buyers working for a participating employer.
PHFA offers the following loan 'mortgage' programs. A homebuyer counselor or participating lender can help you decide which is best suited for you.
- HFA PreferredTM (Lo MI)
- Keystone Home Loan Program
- Keystone Government Loan Program
- Keystone Flex with K-FIT
- Keystone Flex-Purchase & Improvement with K-FIT
- PHFA Grant
- Keystone Advantage Assistance Loan Program
- Keystone Forgivable in Ten Years Loan Program (K-FIT)
- Mortgage Tax Credit Certificate
- Programs for Persons with Disabilities
- HOMEstead Downpayment and Closing Cost Assistance
- Employer Assisted Housing (EAH)
- HFA PreferredTM (Lo MI)
- FHA/VA Loans
- Keystone Flex
- Access Home Modification Program
- Homeowners Energy Efficiency Loan Program (HEELP)
- HomeStyle® Renovation Program
- Purchase Improvement Loan
- PENNVEST Homeowner Septic Program
- Home Buying 101: How Do I Get Started? - YouTube Video (courtesy of realtor.com)
- Mortgage Basics 101 - YouTube Video (courtesy of realtor.com)
- Building credit and keeping yours healthy - YouTube Video (courtesy of Bank of America)
- Steps to better money management - YouTube Video (courtesy of Bank of America)
- How to set a budget and stick to it - YouTube Video (courtesy of Bank of America)
- Strategies for paying down debt - YouTube Video (courtesy of Bank of America)