PHFA announces $ 500 purchase assistance grant for homebuyers
HARRISBURG, Pennsylvania., March 15, 2021 / PRNewswire / – The Pennsylvania Housing Finance Agency today announced the creation of a $ 500 a subsidy that can be applied to homebuyers’ down payment and closing costs when buying a home. This new grant is available for loans locked in on or after March 15.
“This is our second announcement in March of a new purchase assistance program we have created to help homebuyers,” said the Managing Director and CEO of PHFA. Robin wiessmann. “The down payment and closing costs are the biggest hurdle many buyers face when buying a home, and that $ 500 grant program will help meet this challenge.
PHFA home loans and purchase assistance programs are available through a network of approved lenders located throughout the state. These lenders work with home buyers to find a PHFA loan program that best suits their needs. After their loan closes, it is sold to PHFA, who manages it for the duration of the loan. A list of participating lenders is available at: https://www.phfa.org/homebuyers/participatinglenders.aspx.
Eligible borrowers can receive this grant under the PHFA Preferential Program™ mortgage loan program. They must comply with HFA Preferred™ program requirements to be eligible for the grant. Maximum funding is not required to receive the grant. It does not require a refund and is currently available year round. This new grant will be offered indefinitely and its availability may change in the future. Borrowers can also combine a pre-purchase advisory loan from $ 300 with this offer.
Favorite HFA™ is a conventional loan product that provides financing to eligible home buyers to purchase or refinance a home up to 97% of the purchase price or appraised value, whichever is less, with a 105% maximum combined loan-to-value ratio. Grant funds can also be used with other PHFA home ownership programs, including the Keystone Advantage Assistance Loan and HomeStyle Mortgage Certificate and Home Improvement programs.
Homebuyers are encouraged to learn more by viewing the information on PHFA’s purchase assistance programs available on the agency’s website at: https://www.phfa.org/homebuyers/. They can also call the agency’s Customer Solutions Center on weekdays from 8 a.m. to 5 p.m. at 1-855-U-Are-Home (827-3466) to speak with a customer service representative. The phone call is free.
The Pennsylvania Housing Finance Agency works to provide affordable home ownership and rental housing options for seniors, low- and middle-income families, and people with special housing needs. Through its carefully managed mortgage programs and investments in multi-family housing developments, PHFA also promotes economic development statewide. Since its creation by the legislator in 1972, it has generated more than $ 15.1 billion financing of more than 181,660 mortgage loans for single-family housing, helped finance the construction of 138,000 rental housing units, distributed more than $ 121 million to support local housing initiatives and saved the homes of nearly 50,400 families from foreclosure. PHFA programs and operations are funded primarily through the sale of securities and fees paid by program users, not public funds. The agency is managed by a board of directors of 14 members.
SOURCE Housing Finance Agency of Pennsylvania