Pennsylvania - Government Backed Loans

Created to help enhance the quality and supply of affordable homes and apartments for older adults, persons of modest means, and persons with disabilities, the Agency operates homeownership programs, rental housing development initiatives, and a foreclosure prevention effort.

Refinance Programs

Homeowners' Emergency Mortgage Assistance Program - HEMAP

HEMAP assists homeowners who are facing foreclosure due to involuntary financial crises due to such unforeseen circumstances as job loss. This program operates by providing homeowners with a loan, therefore giving assurance that mortgage payments will be met and enabling homeowners to seek employment or receive job training or education in order to better equip them for the future. With this loan, all mortgage payments are brought up to date, and homeowners may be required to make a cash contribution at time of closing.

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REfinance to an Affordable Loan Program - REAL

The REAL program combines 100% financing in the form of a 30-year, fixed-rate loan with flexible credit underwriting in order to provide homeowners with options against foreclosure. Homebuyers must fall within income limits and must not be more than 59 days delinquent in monthly mortgage payments.

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Homeowners' Equity Recovery Opportunity Loan Program - HERO

The HERO program offers loans to homeowners who are unable to meet monthly mortgage payments in order to avoid foreclosure. Up to 100% financing is available through the purchase of the homeowner's first loan by PHFA, who then sets the homeowner up with an affordable repayment agreement.

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Purchase Programs

Keystone Home Loan Program

The Keystone Home Loan Program offers low-interest, fixed-rate 30-year mortgage loans to homebuyers. If homebuyers wish to purchase a home located within a designated Target county or are military veterans, the first-time requirement does not apply. Loans that are available under the Keystone Home Loan program include FHA, VA and RHS loans.

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Keystone Home Loan PLUS Program

The Keystone Home Loan PLUS Program offers the lowest interest rates available to homebuyers who meet the requirements of the Keystone Home Loan Program, as well as those who fall within the income and purchase price limits, and liquid assets may not exceed $5, 000 at time of closing.

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Keystone PLUS Assistance Program

The Keystone PLUS Assistance Program provides downpayment and closing costs assistance to homebuyers who qualify for the Keystone Home Loan PLUS Program in the form of an interest-free loan up to $2, 000 in value.

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Purchase Improvement Loan

The Purchase Improvement Loan program enables homebuyers who qualify for the Keystone Home Loan Program or the The Keystone Home Loan PLUS Program to purchase a home in need of repairs. This loan may be used in conjunction with a conventional first mortgage, and borrowers may qualify for $1, 000 to $15, 000 worth of assistance in order to complete home repairs. This loan amount is based on either the total purchase price of the home or the post-repairs appraised value of the home, whichever is less.

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HOMEstead Program

The HOMEstead Program offers up to $14, 999 in loan amount in order to provide a downpayment and closing costs assistance to homebuyers who fall within the income and purchase price limits. This loan is an interest-free second mortgage, which is forgiven at 20% per year over 5 years time. Homebuyers must contribute 1% of the first loan amount plus $300, which can also be financed through the HOMEstead Program.

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Fannie Mae Community HomeChoice with PHFA Access Modification

The HomeChoice with PHFA Access Modification program provides homebuyers who have permanent disabilities with a 30-year, fixed-rate loan which covers accessibility improvement costs. This loan is to be used in conjunction with a Fannie Mae Community HomeChoice loan, which has higher income and purchase price limits than the Keystone programs, as well as no first-time homebuyer requirements.

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