Training: willing to attend training seminar as required and to be knowledgeable in HUD and PHFA rules and regulations. The first mortgage is paired with K-FIT, which provides assistance toward downpayment and/or closing costs for eligible homebuyers in the form of a forgivable second mortgage. A description of the specific work to be completed. Your housing payment doesn't exceed 30% of your gross monthly income. 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. Please enable JavaScript in your browser settings then reload/refresh this page. Applicants can qualify for an FHA loan if they have a debt-to-income ratio below 43%. pest and disease control in agriculture; property management companies concord, nc; lean cuisine cook time microwave. 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. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit and similar liquid accounts. 280.00 - 325.00 Initial Fee. However, loan closings may be delayed, potentially significantly, by slow responses from applicants and contractors, and higher-than-expected application volume. Compliance date: Federally regulated AMCs must comply with the minimum requirements for providing appraisal management services under 12 CFR 34.215 (a) no later than 12 months from the effective date of this final rule. Newsletter Subscribe interests at heart. ; A statement of the actual maximum amount that can be charged (not estimated amount); A release of lien clause to maintain clear title; The contractors agreement to complete the work in compliance with all applicable building codes and zoning restrictions and to obtain the necessary permits; The borrowers and the contractors signatures and date. All borrowers must complete homebuyer education from an approved, You meet the eligibility requirements for the. Primary Menu. The Pennsylvania Housing Finance Agency (PHFA) offers home purchase and refinance loans to qualified borrowers through a network of partner lenders and brokers. Borrowers should be aware that not all participating lenders offer FHA, RD, and/or VA loans. PHFA offers home purchase and refinance loans with competitive interest rates and fees to eligible homebuyers. Education: College degree preferred but will accept work experience and education . Please enable JavaScript in your browser settings then reload/refresh this page. If you are not sure where to begin, we suggest visiting our "Start Here" page for Homebuyers. YouTube You are only required to have an appraisal if your new loan amount exceeds your original loan amount by 1.5 percent. PHFA Appraisal Review Sheet. Work Experience: Knowledge of financial matters and previous office . LV^g:u]Lfx7]B:Nk qsw-W`BGHm bg|ZW||<>k7wwUm! Most Local Centers for Independent Living and Area Agencies on Aging can provide technical assistance in making this determination. or VA). JavaScript is turned off in your browser. LinkedIn no-interest, second mortgage loan. Contact Us The Pennsylvania Housing Finance Agency (PHFA or the Agency) offers home purchase loans with competitive interest rates and lower fees. 1,500 Hours of Experience. Their aim is to provide affordable home ownership and rental options to older adults, low- and moderate-income families, and people with special housing needs. The Guidelines may be subject to change, pending developments in federal and state legislative requirements and/or OHFA policy. Buyers participating in PHFAs Keystone Home Loan Program are eligible to apply if they meet certain HOMEstead Program income and home purchase price limits that vary by county. United States. A professional home designer can help you decide what type of modifications should be made. The lender will secure the completion certificate (50 Requirements and Guidance for PHFA Home Improvement Loans) from the original appraiser within 90 days of closing. With such affordable payments, now you can make those much needed energy efficiency repairs. PHFA plans financial education podcasts starting Feb. 27. The appraisal guidelines for FHA loans are more strict than for other types of mortgages where a minimum 620 or 640 FICO score . You have an acceptable credit history and the ability to make monthly payments on the home you expect to buy. US Postal Deliveries: PO Box 8029 . You have enough money to cover the closing costs. You are completing eligible repairs and/or improvements up to $30,000 to the subject property, meeting the program requirements of the. 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. He lives in an affordable apartment renovated with the help of PHFA. PHFA HOMEstead funding is therefore allocated to eligible homebuyers on a first-come, first-served basis. Subject to credit approval and restrictions.). The improvements must be completed within 90 days of the closing. Feb 28 2023: PHFA releases 2022 annual report. 12 Mortgage Servicing jobs available in Drexel Hills, PA on Indeed.com. The checks for each draw must be signed by both the borrower and the contractor. PHFA then buys the loan from them immediately following q? +Wv8|+^c72N>9C>V=~G-~y_54w`8 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 . It may not be used in conjunction with any other PHFA downpayment and/or closing cost assistance program. Meet Jim from Jim Thorpe. If you will be making modifications to the home, you will need to provide the lender with a contract for the modifications. 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. At a minimum, the appraiser must complete the following steps: Visually inspect the subject property both inside and out. English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown At closing, the lender will escrow the repair funds and will thereafter monitor the completion of the repairs and issue draws, if applicable, using 49 Request for Payments and Completion Certification. TAB 33 - Financing & Regulatory Documents: TAB 34 - Project Capital Needs Assessment / Energy Audit: Project Capital Needs Assessment / Energy Audit. This allows buyers to make needed repairs right away, without having to take out another loan at a higher rate and with a shorter repayment period. You may be eligible for a Keystone Flex with K-FIT Loan if you meet the following conditions: PHFA's Keystone Flex Purchase & Improvement with K-FIT loan allows buyers to purchase, improve/repair a home and down payment and closing cost assistance in one transaction. Pennsylvania Housing Finance Agency (PHFA): The PHFA offers homebuyer programs to help alleviate the financial burden on potential homeowners. Newsletter Subscribe The purchase price plus the cost of the repairs (referred to as the total acquisition cost) cannot exceed PHFA's applicable purchase price. Appraisal, LQA, UCD, UCDP SSR A Residence with a C6 or Q6 rating from appraiser is not eligible for a UHC loan. No restrictions on household income as of 1/1/2019. Supplemental information related to safe-and-sound banking operations. Twitter Looking for events? FHFA's regulated entities - Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System - have an important leadership role to play in addressing this issue. TAB 09 - Community & Economic Impact / Community Revitalization Plan: 03 - Social Inequalities and Local Disparities Certification. 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 conventional loan will be based on the lesser of the total acquisition cost or the as completed appraised value. FHA Streamline Without Appraisal If you do an FHA Streamline Refinance without an appraisal you are not able to roll your closing costs into the loan. Jan 27 2023: PHFA takes PAHAF program in-house. Unless otherwise approved by OHFA, the Guidelinesse will be used beginning with all 2020funding rounds. Otherwise, you will not be able to visit other pages using the navigation "menu" bar or have access to other content throughout the site. Be signed by you and a contractor registered with the. Please contact PHFA at, You skipped to and are entering the secondary navigation menu, You skipped to and are entering the main content, downpayment and/or closing cost assistance, 51 Pre-Closing Package Checklist - PURCHASE, Keystone Flex Purchase and Improvement with K-FIT, Purchase/Improvement Program Acknowledgment, 49 Request for Payments and Completion Certification, 50 Requirements and Guidance for PHFA Home Improvement Loans, Homeowners Energy Efficiency Loan Program Report, PENNVEST Participating Lenders (Complete List). web site entrance for consumers, homeowners, homebuyers, renters. Please note that the Agency requires only one hard copy and an electronic submission of the application. This web site requires JavaScript to function properly. Therefore, most homes built prior to 1978 are not eligible for HOMEstead assistance. You may be eligible for a Keystone Home Loan if you meet the following six conditions: Conventional insured loans: These loans are insured by the Pennsylvania Housing Insurance Fund (PHIF) and requires a borrower to have a 3 percent (3%) to 5 percent (5%) minimum investment. Please call PHFA at 855.827.3466 to ask questions about your specific situation. The participating State or States in which a State . The PHFA Grant can be used in conjunction with the following PHFA first mortgage home purchase loan programs: Eligible borrowers may also combine the PHFA Grant of $500 with the Keystone Advantage Assistance Loan Program. can afford. PHFA offers this program through a network of approved participating lenders, with PHFA as the servicer. As stated above, the FHA appraisal rules require such systems to be acceptable to the local authority. are a first-time buyer. Luxury amenities such as: swimming pools, tennis courts, hot tubs/Jacuzzis, saunas or other recreational or entertainment facilities, are not eligible. The FHA appraisal process typically takes the same amount of time as a conventional mortgage. Products: A quick reference guide to PHFA's homeownership programs, including a summary of the guidelines. The Keystone Advantage Assistance can be used in conjunction with the following PHFA first mortgage home purchase loan programs: Buyers must meet the requirements of the applicable PHFA first mortgage program, and must also meet the requirements associated with the Keystone Advantage Program which are listed below: The Keystone Forgivable in Ten Years Loan Program (K-FIT) is available for qualified homebuyers, to provide assistance towards downpayment and/or closing costs. The loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property. The HFA Preferred Risk Sharing(No MI) and HFA Preferred(Lo MI) loans have income limits but do not have a first time homebuyer requirement, nor do they have purchase price limits. life of your loan. %PDF-1.5 % Homebuyers eligible for the HOMEstead program may qualify for up to Vacating a jointly owned property K-FIT provides eligible homebuyers with five percent (5%) of the lesser of the purchase price or appraised value with no maximum dollar limit. * ALERT! Qualified borrowers can fund up to 75% of the "as completed" appraised value of the property. This web site requires JavaScript to function properly. 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. Jan 20 2023: Application available soon for Housing Options Grant Program. This program provides a deferred payment loan, with no interest, and no monthly payment. All rights reserved VA and RD loan: Loans guaranteed by either the Veterans Administration (VA) or Rural Development (RD) require no downpayment in most cases. phfa appraisal requirementsaccident on 540 raleigh today. The standards includes the backing material . The Keystone Advantage Assistance requires all borrowers to have a minimum credit score of 660. Instead, there is a network of lenders and Avoid or respond to citations from your municipality. 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. All borrowers must have a minimum FICO score of 660. Contact Us 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. PHFA Grant Keystone Advantage Assistance Loan Program The new guidelines are designed to increase the number of low and moderate-income borrowers who have a lower credit score and cannot qualify for a conventional mortgage. The borrower may have an ownership interest in another residential dwelling at the time of loan closing. Installation or improvement of heating and/or air conditioning systems, Repairs/improvements to plumbing and/or electric systems. Title Insurance Companies Acceptable to PHFA for the Mortgage Revenue Bond Programs, 04 Recapture Tax Notice (Locks made on or after 8/1/2022), 05 Affordable Housing Assistance Program Checklist, 27 New Loan Tax and Insurance Information Sheet, 29 List of Authorized Officers and Underwriting Personnel, 30 Final Document Submission Cover Letter, 48 Purchase & Improvement - Access Mod Acknowledgement, 49 Request for Payments and Completion Certification, 50 Requirements and Guidance for PHFA Home Improvement Loans, 51 Pre-Closing Package Checklist - PURCHASE, 51R Pre-Closing Package Checklist - REFINANCE, 54 Subordinate Note (Access DP & Access MOD), 54ADV Keystone ADVANTAGE Loan Subordinate Note, 55 Subordinate Mortgage (Access DP & Access MOD), 55ADV Keystone ADVANTAGE Loan Subordinate Mortgage, 57ADV Keystone Advantage Closing Disclosure, 66 Borrower's Authorization to Release Information, 67 Authorization Agreement for Automatic Withdrawal Payments, 70 Warehouse Lender ACH Information (if PHFA is to fund a warehouse lender), 71 Authorization Request for Escrowed Mortgage Payments, 02 MCC Homebuyer Fact Sheet (Hoja informativa para compradores de vivienda de MCC), 03 Mortgagor's Affidavit (Declaracin Jurada de Hipoteca), 08 Divorce Applicant Affidavit (Declaracin Jurada del Solicitante de Divorcio), 11 Gift Affidavit (Declaracin jurada de regalo), 17 Buyer's Statement/Source of Funds (Declaracin del comprador/Fuente de fondos), 19 Addendum to Note/Construction Loan (Addendum para/Notar prstamo de construccin), 21 Co-Signer's Certification (Certificacin del co-firmante), 28 Hello/Goodbye Letter (Hola/Adis carta), 40 Note/Mortgage Modification Agreement (Nota / Acuerdo de modificacin hipotecaria), 48 Purchase & Improvement-Access Mod (Reconocimiento de compra, mejora o modificacin), 49 Request for Payments & Completion (Solicitud de pagos y certificado de finalizacin), 50 Requirements and Guidance for PHFA Home Improvement Loans (Requisitos y orientacin), 54 Subordinate Truth In Lending and Note (Access MOD), Access Modification/ Access Down payment CCA (Eligible w/ all PHFA programs), Keystone Flex Purchase & Improvement w/ KFIT, 2021-02-04 Quarterly Program Update, 1st Quarter, 2021-02-10 Interim Program Update: K-FIT Launch Date, 2021-03-10 Interim Program Update: PHFA Grant of $500, 2021-11-12 Quarterly Program Update, 4th Quarter, 2022-02-28 Quarterly Program Update, 1st Quarter, 2022-04-04 Quarterly Program Update, KFLEX Facts, 2022-06-06 Quarterly Program Update, 2nd Quarter, 2022-08-16 Quarterly Program Update, 3rd Quarter, 2023-02-03 Quarterly Program Update, 1st Quarter, 09 Notice of Credit Denial, Termination or Change, 10 HOMEstead's Check List (Aide for Compliance Submission), Regional Training March 14, 2023: Monroeville, Regional Training March 15, 2023: Harrisburg, Regional Training March 21, 2023: Williamsport, Regional Training March 22, 2023: Plymouth Meeting. You have sufficient funds to pay standard mortgage application and closing fees. These home loans are originated, processed, and closed by a network of approved participating lending institutions. PHFA has developed a single application for both its Loan and Low-Income Housing Tax Credit Programs. NOTE: This list changes periodically based on site usage. 20 percent per year over five years for all loans closed on or after January 1, 2007. Borrowers must contribute the lesser of $1K or 1% of the loan amount for Conventional loan. 680 is required to complete a course prior to closing on their loan. JavaScript is turned off in your browser. Choose a topic that best describes your interest then select the "FIND IT" button. Assistance can only be used for the minimum required downpayment and/or closing costs. 6, No. This program may be combined with PHFA's Keystone Advantage Assistance Loan, as applicable. The Agency may make exceptions to these limits. An FHA appraisal is valid for 120 days. A participating lender or PHFA network counseling agency can help you determine how much of a home you can afford, as well as any credit issues you may need to work on. Recreational or entertainment items such as swimming pools, tennis courts, hot tubs, saunas, etc., may not be included. JavaScript is turned off in your browser. RTKL - Page 1 of 36 Pennsylvania's Right-to-Know Law was introduced as Senate Bill 1 of the 2007-08 legislative session by Senator Dominic Pileggi. When expanded it provides a list of search options that will switch the search inputs to match the current selection. All repairs must be completed by a qualified and licensed contractor. Terms up to 20 years (up to 15 years for manufactured homes). The property evaluation takes place during the FHA home appraisal. You have enough money to make a down payment of 3% - 5%. The loans and servicing rights are then purchased by the Agency following settlement. using the guidelines of the respective federal agency (FHA, RD, The exhibits will be published in a forthcoming amendment to 2-FLP. Applicants may apply for any of the Agency's, Applicants must meet the underwriting guidelines for the first mortgage program in which they are applying. x;0D$|* The loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property. Pandemic relief is available thru the PA Homeowner Assistance Fund. The Keystone Government Loan Program (K-Gov) provides first mortgage financing on loans insured by the Federal Housing Administration (FHA) or guaranteed by Rural Development (RD) or the Department of Veterans' Affairs (VA). Otherwise, you will not be able to visit other pages using the navigation "menu" bar or have access to other content throughout the site. Generally, you should plan to use no more than 30 percent (30 %) of your income for your monthly mortgage payment. Eligible borrowers may be able to receive a 30-day extension. These additional mortgages will NOT be factored into maximum loan-to-value financing limitations. He must inspect the property for health-and-safety issues, as well as determining the market value.