Pennsylvania Assistance Programs
Are you feeling lost in the sea of Pennsylvania first time home buyer programs? Fear not—Total Mortgage is here to guide you in fulfilling your homeownership dream. Our team has mastered the intricate details of the various first-time home buyer PA programs. Not just that, whether this is your initial foray into property possession or an upgrade to your current home, we've got you covered. We are here to transform your dream of domiciling into a delightful reality through the right down payment assistance PA.
If you have any questions about securing the best mortgage rates in Pennsylvania, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Pennsylvania First-Time Home Buyer Loan Programs
HFA Preferred (Lo MI)
The added cost of private mortgage insurance can be a barrier for a first-time home buyer PA. Lenders will require PMI if the down payment is less than 20 percent. The HFA Preferred loan with Lo MI provides a low-cost insurance alternative for those with no down payment.
The first-time home buyer loan PA is open to first-time movers, refinance clients and single-unit homeowners. With one mortgage, home buying and renovation are possible.
While there are no restrictions on the purchase price, purchasers need to allocate $1,000 from their end to the down payment. A homebuyer training class should be completed at a PHFA-endorsed home counseling group. It may be taken online at PHFA or Framework for FICO if the home buyer's grades are 680 or stronger.
Keystone Home Loan
The Keystone Home Loan program is for first-time home buyers PA, discharged veterans of the armed forces, or home buyers in targeted Pennsylvania counties. It would be best to meet the program's household income and purchase price limits.
Keystone Government Loan (K-Gov)
Keystone Government Loan, or the K-Gov program, connects home buyers to an FHA, VA, or USDA loan. You don't have to be a first-time home buyer; however, each type of loan requires other standard underwriting guidelines. Also, you must take a homeowner education course if your credit score is less than 680.
Keystone Flex Loan
- Keystone Flex mortgage with a K-FIT loan: This first-time home buyer program PA is similar to the regular Keystone Home Loan. With K-FIT, the Keystone Forgivable is a Ten Years loan. The second mortgage assists up to 5 percent of your purchase price or appraisal (whichever is lower) towards a down payment and closing costs. PHFA forgives this second mortgage debt after ten years.
- Keystone Flex Purchase and Improvement mortgage with a K-FIT loan: This loan program combines home purchase and renovation loan programs as an all-in-one mortgage. You could borrow up to $30,000 more to fix up and improve something if you need the loan program. However, you can only enhance the eligible improvement. You may also use the mortgage with K-FIT.
Pennsylvania Down Payment Assistance
Keystone Advantage Assistance Loan Program
This second mortgage offers a no-interest loan up to $6,000 or, alternatively, 4% of the house's purchase price, whichever is less. You will repay it over ten years, using the loan toward your down payment or closing costs. Additionally, such Pennsylvania first-time home buyer programs can be combined with an HFA-preferred loan with the Pennsylvania Housing Finance Agency.
PHFA Grant
PHFA provides free $500 awards to borrowers who get HFA Preferred loans. These awards can be used with the Keystone Advantage Assistance loan.
HOMEstead Downpayment and Closing Cost Assistance Loan
If you want an excellent down payment assistance PA, you can go for this program. HOMEstead can offer as little as $1000 and up to $10,000 as a down payment and closing cost. After five years, this zero-interest second mortgage loan is canceled. The program has certain household income and home price limits determined by the user's county and is only available in some counties and cities. General homes are unavailable within the program since most houses built before 1978 are restricted from being shared in this first-time home buyer program PA due to federal requirements concerning lead-based paint.
Access Downpayment and Closing Cost Assistance Program
The Access Downpayment and Closing Cost Assistance program offers a $15,000 interest-free loan to eligible buyers or people living with disabilities.
Other Pennsylvania Homebuyer Programs
As a first-time home buyer PA, you can enjoy the best mortgage rates Pennsylvania has at Total Mortgage. Apart from first-time home buyer programs PA, there may also be programs to help you buy a home in your city. Philadelphia City, US, governs the Philly First Home program, which gives a first-time homebuyer up to $10,000 or 6% of the home's purchase price if such thresholds turn out smaller.
Furthermore, for the state of Pennsylvania, the Homeownership First Program in Delaware County provides $10,000 as closing cost and down assistance to qualified low- and moderate-income applicants.
Mortgage credit certificate (MCC)
A mortgage credit certificate can lower your federal tax liability. An MCC allows you to receive a credit of up to $2,000 every year. In addition, there are eligibility criteria for the MCC and a charge to utilize the certificate. You can utilize PHFA's MCC calculator to get a projected tax credit.
FHA Loans
Is your credit score low, and are your savings running a little low? An FHA loan might be your solution to the issue. They are accessible with a minimal credit score 580 and a 3.5% down payment.
VA Loans
Attention, military personnel and veterans: this loan is for you! A VA loan requires no down payment.
USDA Loans
With a USDA-eligible rural property, you must put anything on the table. While a USDA-funded loan does not allow a down payment, you must have a credit score of at least 640 to qualify.
Good Neighbor Next Door program
This HUD program offers affordable ownership of homes in specific neighborhoods with a 50% discount on the purchase price!
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