and maintenance items. For homes built prior to 1978 where the modifications may disturb painted surfaces, the borrower cannot use HOMEstead assistance but may use the ACCESS assistance if needed and if eligible. All rights reserved The Federal Housing Administration has specific requirements for termite inspections when an FHA loan is being used. Home repairs can be made to single family homes, duplexes, manufactured housing and PUDs. Buyers with a disability or a disabled household member, who are eligible for any of these home loan programs, may also be eligible to receive funds to make accessibility modifications to the home they buy and may also be eligible for up to $15,000 in a no interest downpayment and closing cost assistance loan through the Access Downpayment and Closing Cost Assistance Program. You have an acceptable credit history and the ability to make monthly payments on the home you expect to buy. This HUD standard applies to pile yarn floor covering materials designated as first quality, tufted, woven, bonded or knitted carpet, free from objectionable visual blemishes and physical defects. The Pennsylvania Infrastructure Investment Authority (PENNVEST) has teamed with the Pennsylvania Housing Finance Agency (PHFA) and the Pennsylvania Department of Environmental Protection (DEP) to offer this special funding program. Common modifications include the addition or repair of an entrance ramp, widening of doors and hallways, installation of grab bars and handrails, bathroom and/or kitchen modifications, and the installation of lifting devices. All contractors working with HEELP borrowers must be approved. The Keystone Government Loan program does not have income or purchase price limits, as well as not having a first time homebuyer requirement. 12 Exceptions that institutions may find the most useful during the COVID-19 emergency for real-estate related financial transactions include: The transaction is a residential real estate transaction with a transaction value of less * ALERT! YouTube You have sufficient funds for a downpayment on your prospective home. Applicants must be homebuyers who are persons with a permanent disability or have a family member(s) living in the household with a permanent disability who are purchasing a new or existing home with a loan originated through one of the Agency's homeownership loan programs. Refer to. JavaScript is turned off in your browser. * ALERT! An initial draw in an amount up to 50 percent of the total repair cost may be issued at closing. Borrowers may not act as their own contractors, unless that is their profession. This web site requires JavaScript to function properly. If you do not see your contractor on the list, have the company apply to become an approved contractor. Your housing payment doesn't exceed 30% of your gross monthly income. These requirements are outlined in HUD Handbook 4000.1, also known as the Single Family Housing Policy Handbook. Harrisburg, PA 17105-8029 . or VA). All applicable FHA, VA or RD loan underwriting requirements apply, including loan to value and downpayment requirements. YouTube With the HFA Preferred(Lo MI) loan, mortgage insurance is provided by one of several private mortgage insurance companies when the borrower puts down less than 20 percent (20 %) towards the purchase of the home. Project Location: for on-lot septic repair, all areas of PA are eligible unless a public wastewater collection and treatment system is either in place or will be constructed in the next five years. The contractors agreement to complete the work in compliance with all applicable building codes and zoning restrictions and to obtain the necessary permits and a certificate of completion within 90 days of the closing date; Energy efficient heating or cooling system repairs or replacements. PHFA has developed a single application for both its Loan and Low-Income Housing Tax Credit Programs. The program that is best for you will depend on your specific circumstances, such as your credit history and amount of cash savings, as well as your individual preferences. The Keystone Advantage Assistance requires all borrowers to have a minimum credit score of 660. UD }//U_'&Q$qB DN''MO#=qw[1>>BSc}>=$Np#Y'6;z5~Mo ; Include the actual maximum amount that can be charged (not estimated amount); Include a release of lien clause to maintain clear title; State that the contractor agrees to complete the work in compliance with all applicable building codes and zoning restrictions This program is also covered in Chapter 3 of the Seller's Guide. it may be picked daily themed crossword These home loans are originated, processed, and closed by a network of approved participating lending institutions. web site entrance for consumers, homeowners, homebuyers, renters. Contact Us K-FIT provides eligible homebuyers with five percent (5%) of the lesser of the purchase price or appraised value with no maximum dollar limit. Please enable JavaScript in your browser settings then reload/refresh this page. The Pennsylvania Housing Finance Agency (PHFA) offers home purchase and refinance loans to qualified borrowers through a network of partner lenders and brokers. A person who holds a certificate issued under authority of the Real Estate . A maximum of two inspections with a charge not to exceed $75 each may be ordered by the lender. If HOMEstead assistance is used in conjunction with the ACCESS Modification Program, the types of modifications will be limited to those that will not disturb any painted surfaces, unless the home was built after January 1, 1978. The participating State or States in which a State . Check with a PHFA participating lender to determine the specific costs. For Manufactured homes, repairsare limited to the lesser of 50% of the "as completed" appraised value, or $50,000. If the local government (city or municipality) does not require contractors to be licensed, proof of their liability insurance must be supplied and included with the contract. This program may be combined with PHFA's Keystone Advantage Assistance Loan, as applicable. JavaScript is turned off in your browser. Developments will be underwritten according to the funding source sought. Applicants can also qualify for an FHA loan if they have a credit score above 580. FHFA also oversees the regulated entities' managem ent of risks associated with emerging cyber-enabled fraud schemes affecting the mortgage market and its participants. The Pennsylvania Housing Finance Agency (PHFA or the Agency) offers home purchase loans with competitive interest rates and lower fees. These would commonly include such things as credit reports, appraisals, title fees, etc. Seller's Guide - Pennsylvania Housing Finance Agency (PHFA) Keystone Advantage Assistance loans may be used on Conventional, FHA, VA or RD loans. Program highlights are summarized below. Holly needed a home loan that would work with her budget, Julie wanted a home that offered her boys stability, Linda wanted her family to experience the benefits of homeownership, Marcus and Michelle wanted a home for their young family, Newlywed Couple Puts Down Roots in a Small Pennsylvania Town, Owning a home has made all the difference, PHFA helps long time renters become first time homeowners, The Michaels family wanted a home in which to raise their children, Assistance from PHFA helped David and Amy avoid foreclosure, Coming back from the brink of foreclosure, PHFA was able to help save the Marcellus home during job losses, Homebuyer counseling helped Ejetta on her path to homeownership, Housing counselor Rita helped Katherine get a needed home loan modification, Nikki has a passion for helping others through counseling, She did her homework to become a homeowner, When Regis lost his job as a chef, housing counseling helped him save his home, Alfred wanted senior housing he could afford, An affordable apartment turns hardship into happiness, Funding from PHFA helped provide rental housing that worked for lifelong friends Jane and Betty, Nilda needed an apartment within her budget so she could continue to care for her adult daughter, Yvonne wanted rental housing to enjoy her retirement and her grandchildren, A community gets financial help to convert a historic building into a popular Civil War museum, Bakery Square in Pittsburgh makes the shift from bakery to high-tech office center, Harrisburg's Hamilton Health Center builds a new home to better support its mission, New ArtsQuest facility helps spur Bethlehem's renaissance. Your lender will help you determine what the premium will cost for your specific situation. Applicants may apply for any of the Agency's, Applicants must meet the underwriting guidelines for the first mortgage program in which they are applying. PHFA does not handle the mortgage application process. Also, the lender will ensure that the funding of any additional costs do not jeopardize the buyers debt to income ratios or PHFA's lien position, nor do they cause the purchase price limit to be exceeded. $6"!@5JX+JxO|ZN Furthermore, the final ranking score, as determined by the Agency, is based only upon the information contained in the initial application. This program includes downpayment and closing cost assistance through the Keystone Forgivable in Ten Years Loan Program (K-FIT). Luxury amenities such as: swimming pools, tennis courts, hot tubs/Jacuzzis, saunas or other recreational or entertainment facilities, are not eligible. The network of lenders and brokers is a vital part of PHFA's homeownership program, ensuring that all buyers in Pennsylvania have access to PHFA's home purchase loans. A participating lender or PHFA network counseling agency can help you determine how much of a home you can afford, as well as any credit issues you may need to work on. Borrowers who complete in person Pre-Purchase counseling prior to executing the agreement of sale may receive a, You are not a first-time homebuyer, but you plan to buy a home in a Targeted county or area or you are a discharged veteran of the United States Armed Forces. Assistance under the Program is limited to the lesser of 4% or $6,000 to non EAH borrowers. This loan can be paired with the Access Modification Loan up to $10,000. This web site requires JavaScript to function properly. Please enable JavaScript in your browser settings then reload/refresh this page. Borrowers obtaining the HFA Preferred loan may qualify to receive a PHFA Grant of $500 to be applied towards downpayment and closing costs. Training is also provided throughout the year at various locations. The Agency will underwrite the development based upon amounts set forth in the syndicator's letter and may establish minimum gross equity pay-in standards during processing. 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 loans and servicing rights are then purchased by the Agency following settlement. HEELP loans are more affordable than you may think: $44 per month for a $5,000 loan or $88 per month for a $10,000 loan. These limits may be increased up to 150% Area Median Income (AMI) based upon individual circumstances. RTKL - Page 1 of 36 Pennsylvania's Right-to-Know Law was introduced as Senate Bill 1 of the 2007-08 legislative session by Senator Dominic Pileggi. You have sufficient funds for a downpayment on your prospective home. Choose a topic that best describes your interest then select the "FIND IT" button. Please enable JavaScript in your browser settings then reload/refresh this page. Pennsylvania Licensure Requirements. Changes to the FHA Appraisal Guidelines in 2023.

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