Buy a home for as little as 1.5% out of your pocket! The PHFA financing program is another first-time homebuyer program and is financed by the Pennsylvania Housing Finance Agency. This program can be used in conjunction with an FHA loan or USDA loan to create a combination loan program in order to take advantage of some great benefits! By incorporating a reduced interest rate as well as making available a down payment assistance loan, borrowers can be eligible to receive 2% of the sales price of the property up to $4000 maximum towards the purchase of their home. Again, income restrictions apply based on the size of your family and the county in which you will purchase your new home. There are also purchase price limits based on the county in which you are looking.
This extra money comes in the form of a second mortgage that is at the same interest rate as the first mortgage and amortized for 10 years. If your credit score is below 660, you will be required to obtain homebuyer counseling through an approved counseling service. A small price to pay for up to $4,000 dollars, and a lower than market interest rate. Bottom line, a 1.5% down mortgage!! That is less than first and last month rent!
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