Homebuyers working for a Participating EAH Employer can receive a Keystone Advantage Assistance Loan of up to $8,000 for downpayment and/or closing cost assistance in the form of an interest free loan amortized over 10 years. For More Information: Contact your local Sewage Enforcement Officer, township or borough official, or PHFA at 1.855.U.Are.Home(827.3466). web site entrance for consumers, homeowners, homebuyers, renters. Requirements. Borrowers should be aware that not all participating lenders offer FHA, RD, and/or VA loans. You will have fewer forms to sign at or before closing. Two-unit properties are eligible for this program. Pennsylvania Licensure Requirements. Products: A quick reference guide to PHFA's homeownership programs, including a summary of the guidelines. This product offers a fully amortized 30 year fixed rate term. Receive an attractive rate for this vital home improvement. Log in Why choose U.S. Bank as your Correspondent or HFA lender? FHA appraisals are a bit different from "regular" appraisals for conventional loans. PHFA loans are also originated by approved mortgage brokers who obtain sponsorship from a participating lender. TAB 33 - Financing & Regulatory Documents: TAB 34 - Project Capital Needs Assessment / Energy Audit: Project Capital Needs Assessment / Energy Audit. 1,500 Hours of Experience. Most major cities and seven counties are wholly excluded from the program because they receive their own federal allocation. Most Local Centers for Independent Living and Area Agencies on Aging can provide technical assistance in making this determination. These would commonly include such things as credit reports, appraisals, title fees, etc. Please note that the Agency requires only one hard copy and an electronic submission of the application. Your eligibility is determined by the PHFA participating lender PHFA does not handle the mortgage application process. 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. Applicants will be notified regarding any equity adjustments during processing. TAB 40 - Evidence of Bond Letter from Issuing Agency Requesting 42(m) Review: Evidence of Bond Letter from Issuing Agency Requesting 42(m) Review, Pennsylvania Housing Tax Credit (PHTC) - Syndication Information, 05a - Application Modification Request Checklist, 05b - Submission Requirements for Processing Modification Requests, h. VAWA Emergency Transfer Plan Checklist, 08 - Insurance Requirements During Construction, 09 - Insurance Requirements After Construction, f. Management Pre-Commitment Checklist Cover Sheet, Additional Tax Credit Submission Requirements. This down payment can be the borrower's own funds or can. You may qualify for up to $6,000 in down payment assistance to buy a home. PHFA has developed a single application for both its Loan and Low-Income Housing Tax Credit Programs. The K-FIT loan Program may be used on Conventional, FHA, VA or RD loans. Buyers who want to make access modifications but don't qualify for a loan through Keystone Home Loan may be able to combine the Keystone Government Loan with PHFA Access Modification assistance. The Pennsylvania Housing Finance Agency offers the HomeStyle Renovation program which allows eligible homebuyers purchasing a home or existing homeowners seeking a refinance mortgage to repair, remodel, renovate or complete energy improvements. Pennsylvania Housing Finance Agency . Other eligibility requirements apply. The elevation certificate must document that the lowest floor including the basement of the residential building, and all related improvements/equipment essential to the value of the Property, is built at or above the 100-year flood elevation in compliance with the NFIP criteria, and insurance under the NFIP is obtained." 225.00 Renewal Fee. Flickr, You skipped to and are entering the secondary navigation menu, You skipped to and are entering the main content, Multifamily Application / Intent to Submit Online Submission Website, 02 - Program Guidelines and Application Process, 03 - LIHTC Qualified Allocation Plan (QAP), 07 - Request for Proposals - Tax Exempt Bonds, 08 - Taxable and 501(c)(3) Tax Exempt Bond Financing, 11 - Small Mortgage Assistance Program (SMAP), 11a - Small Loan Assistance Program - Term Sheet, 03a - Amendment to Qualified Allocation Plan, 03b - Amendment to Qualified Allocation Plan, 06 - Taxable and 501(c)(3) Tax Exempt Bond Financing, 07 - Volume Cap for Tax Exempt Bond Financing, 09 - Income Averaging Interim Guidance 2019 Applications, 07 - Taxable and 501(c)(3) Tax Exempt Bond Financing, 08a - Volume Cap for Tax Exempt Bond Financing, 02 - Qualified Census Tracts & Difficult to Develop Area, 03 - Participating and Non-Participating Jurisdictions, 05B - Rent and Income Limit Chart - with PennHOMES Funding, 05C - Rent and Income Limit Chart - Tax Credit Only. Improve the environmental health of your property. (See: FHA appraisal guidelines and process) So, how long does the FHA appraisal process take? 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. No prepayment penalty if the loan is paid off early. TAB 02 - Multifamily Housing Core Application: 01 - Core Application & Operating Budget Instructions. Funds from retirement accounts such as 401(k)s, IRAs and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired. As Little as Zero Down FHA loans require a minimum down payment of 3.5 percent; 10 percent for borrowers with credit scores from 500 to 580. Harrisburg, PA 17101 . Newsletter Subscribe Flickr, You skipped to and are entering the secondary navigation menu, You skipped to and are entering the main content. 28 Hours. HUD Carpet Standards are listed under the HUD/FHA document "Use of Materials Bulletin No. Process: Illustrates how the loan moves through the pipeline--and what paperwork is needed at each step--from the time of application to loan purchase by PHFA. Upon completion of your application, the lender will perform a preliminary review of the construction proposal submitted by the applicant, which includes the specifications, cost estimates, and drawings of the work to be completed. Funds from retirement accounts such as 401(k)s, IRAs and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired. Removal of refinanced or modified balloon loan policies: removing all references to refinanced or modified balloon loans from the Selling Guide. If you meet the conditions above, contact a PHFA participating lender to start your mortgage application. The K-FIT program requires all borrowers to have a minimum credit score of 660. The Keystone Home Loan program has income and purchase price limits, as well as a first time homebuyer requirement specific to each county. All applicable FHA, VA or RD loan underwriting requirements apply, including loan to value and downpayment requirements. The lender will submit a signed Contractor Profile Report provided by the participating lender with specs, contract(s), etc., to PHFA when they submit the pre-closing package. A person who holds a certificate issued under authority of the Real Estate . All repairs must be completed by a qualified and licensed contractor. Attending a pre-closing course is required for borrowers with a FICO credit score lower than 680. No restrictions on household income as of 1/1/2019. 280.00 - 325.00 Initial Fee. The Pennsylvania Housing Finance Agency is pleased to offer an Employer Assisted Housing (EAH) Initiative to help address the issues regarding the lack of affordable housing for low- to moderate-income workers. Moving into your new home is just the start to the benefits and responsibilities of owning your own place to live. islanders hockey club u18; space engineers admin commands; john felix anthony cena sr Program requirements and funding availability are determined by the US Department of Housing and Urban Development as set forth in the HOME Investment Partnership Program and the American Dream Downpayment Initiative. 1 Examination. An initial payment in an amount up to 1/3 of the contract amount may be disbursed to the contractor at or after your closing date. TAB 10 - SHPO & Historic Preservation Documentation: SHPO & Historic Preservation Documentation, 02 - Supportive Services Plan Outline and Questionnaire, Accessible Unit Policy (updated August 2022), Lease Addendum Pertaining To Occupancy of Accessible Unit. Newsletter Subscribe You have average - good credit scores and credit history. Choose a topic that best describes your interest then select the "FIND IT" button. * ALERT! The amount of the downpayment differs according to the loan type as listed below. He lives in an affordable apartment renovated with the help of PHFA. The K-FIT loan is forgiven on an annual basis over ten years at a rate of ten percent (10%) a year. All applicable FHA, VA or RD loan underwriting requirements apply, including loan to value and downpayment requirements. The Agency may make exceptions to these limits. Carbon County Meet Jim from Jim Thorpe. A maximum of three inspection fees of up to $75 each may be included in the repair costs. interests at heart. Borrowers obtaining the HFA Preferred loan may qualify to receive a PHFA Grant of $500 to be applied towards downpayment and closing costs. With such affordable payments, now you can make those much needed energy efficiency repairs. Effective date: This final rule will become effective on August 10, 2015. The PHFA Grant of $500 does not require repayment and must be used towards the purchase of the home. You are completing eligible repairs and/or improvements up to $30,000 to the subject property, meeting the program requirements of the. An FHA appraisal also has special requirements beyond an assessment of the value. PHFA's Purchase Improvement loans allow buyers who qualify to make needed repairs right away, without having to take out another loan at a higher rate and with a shorter repayment period. Applicants can also qualify for an FHA loan if they have a credit score above 580. 20 percent per year over five years for all loans closed on or after January 1, 2007. Developments will be underwritten according to the funding source sought. Web training includes basic and advanced lender training program. If not, the borrower must pay the loan down to 75% LTV or less. Keeping your home attractive and in good repair will help it to maintain or even increase in value. PHFA offers both Webbased and inperson training opportunities to its housing partners. included appraiser shortages in rural and high-volume areas, the impact of licensing requirements on new entrants, sources of meaningful training for trainees and new appraisers, and how to use technology to help trainees gain practical experience. JavaScript is turned off in your browser. The lender is responsible for reviewing the borrowers written request and specs, contracts, etc., to determine the credibility and legitimacy of the proposed repairs and/or improvements, and to ensure the contract contains all the necessary items as listed above under the section titled The Contract. TAB 14 - Public Housing Authority Notification: TAB 15 - Rent Roll / Displacement of Existing Tenants: Rent Roll / Displacement of Existing Tenants, 01 - Development Team Experience Instructions, 03 - Material Participation of MBE, WMBE, WBE, & VBE, 04 - Qualified Small Business Certification, 02 - Applicant's Certification of Applied for or To Be Applied for Funds, 01 - Displacement / Relocation Notices and Assistance Plan, 02 - Comparable Replacement Housing for Tenant Relocation, 04 - Guideform General Information Notice Residential Tenant Not Displaced. security services in los angeles. The minimum loan amount is $1,000. PHFA also offers homebuyers the opportunity to receive homebuyer counseling and education free of charge through one of its approved counseling agencies. A contract, signed by the applicant and the contractor, is required before the lender can send the loan package to PHFA for final approval. >n`#SK6\*_` +>;5ok>j`%CT3 Feb 21 2023: PHFA plans financial education podcasts starting Feb. 27. Twitter PHFA guidelines and compliance. The maximum amount of assistance to eligible homebuyers will be based upon the lesser of the purchase price or appraised value. Recreational or entertainment items such as swimming pools, tennis courts, hot tubs, saunas, etc., may not be included. The borrower must fund any amount in excess of the maximum amount per program guidelines and/or any amount that exceeds the as complete appraised value. Any borrower with a FICO credit score lower than 680 is required to complete a course prior to closing on their loan. Otherwise, we will walk you through how to get the work that you need to have done approved. ACCESS mortgage loans are interest free and have no fees. It is important that an Applicant reads and understands how these guidelines and exhibits impact their application. The purpose of the Mortgage Processor position is to process first mortgages originated by the Credit Union, to include Conventional, VA, FHA, USDA, PHFA and Construction loans for both portfolio and secondary market mortgages in accordance with Credit Union and investor guidelines. Clarifications based on Ask Poli insights: updating the Guide based on common questions pertaining to non-occupant borrowers. Installation or improvement of heating and/or air conditioning systems, Repairs/improvements to plumbing and/or electric systems. 9283 0 obj <>stream You have enough money to make a down payment of 3% - 5%. YouTube 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. TAB 38 - Statement of Qualification for Tax Credits: Statement of Qualification for Tax Credits. The Pennsylvania Housing Finance Agency (PHFA) offers home purchase and refinance loans to qualified borrowers through a network of partner lenders and brokers. These requirements are outlined in HUD Handbook 4000.1, also known as the Single Family Housing Policy Handbook. RD loans are not available in Philadelphia and Delaware counties and other major cities. Primary Menu. Experienced with HUD Programs (811, Section 8, etc.) He lives in an affordable apartment renovated with the help of PHFA. are a first-time buyer. Download the Borrower Application. In addition to the PHFA first mortgage, some applicants may qualify for downpayment and/or closing cost through one of our many assistance programs. Program highlights are summarized below. However, we strongly encourage you to seek the assistance of a counselor before you sign a sales agreement, especially if you Qualified borrowers can receive up to four percent (4%) of the purchase price or market value or $6,000 (whichever is less) in downpayment and closing cost assistance to be repaid monthly. 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. JavaScript is turned off in your browser. The FHA and HUD have announced an important update to FHA appraisal rules effective July 12, 2022, and beyond.