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It is important that an Applicant reads and understands how these guidelines and exhibits impact their application. 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. Your housing payment doesn't exceed 30% of your gross monthly income. Please contact PHFA at 1.855.827.3466 for more information. The assistance loan will be amortized over a ten year term at zero percent (0%) interest. Target counties are indicated by a "T" in the listing of, The gross annual household income for all adults that intend to occupy the home within one year from loan closing does not exceed the, The purchase price of your prospective home does not exceed the. PHFA will underwrite your application and let you know if you are approved. Twitter An initial draw in an amount up to 25 percent of the total repair cost may be issued at closing. The 2017 workshop revealed that industry challenges in the procurement of appraisal services, You are completing eligible repairs and/or improvements up to $30,000 to the subject property, meeting the program requirements of the. $6"!@5JX+JxO|ZN For More Information: Contact your local Sewage Enforcement Officer, township or borough official, or PHFA at 1.855.U.Are.Home(827.3466). Borrowers may not act as their own contractors, unless that is their profession. Otherwise, you will not be able to visit other pages using the navigation "menu" bar or have access to other content throughout the site. >n`#SK6\*_` +>;5ok>j`%CT3 Borrowers meeting PHFA's income and purchase price limits may also choose to apply for the Keystone Home Loan program. Hand Deliveries: 211 N. Front Street . It is important that an Applicant reads and understands how these guidelines and exhibits impact their application. 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. The borrower may have an ownership interest in another residential dwelling at the time of loan closing. Visit the Document Center on our borrower website to access your tax records. "For properties that cannot connect to a public system and are served by an individual sewage system that is acceptable to the local health authority, the system is then acceptable to HUD/FHA." 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. Applicants must meet the requirements of the ACCESS Home Modification program which are listed below: Home modifications should be designed to meet the needs of the person with the physical disability who will be residing in the home. PHFA offers both Webbased and inperson training opportunities to its housing partners. Getting to know your neighbors will provide you with a sense of community and security. The Pennsylvania Housing Finance Agency (PHFA or the Agency) offers home purchase loans with competitive interest rates and lower fees. JavaScript is turned off in your browser. Or, you may find a home that would suit your needs if certain modifications were madethis is when PHFA's Access Home Modification Program can help. This button displays the currently selected search type. The ACCESS Home Modification Program provides mortgage loans to assist persons with disabilities or who have a family member(s) living in the household with disabilities who are purchasing a home that needs accessibility modifications. 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. PHFA will disburse the funds to the contractor with the homebuyer's written approval and secure a certificate of completion. Contact Us 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. * ALERT! DE, VA SAR/LAPP, PHFA, Conforming Senior Mortgage Underwriter Centennial Lending Group LLC - Mortgage Lending Oct 2017 - Oct 2018 1 year 1 month You have average - good credit scores and credit history. February 15, 2022; letterboxd horrorville; edge detection - matlab . Additional financing of up to 4% of the sales price is available as a second loan (no interest, 10-year term) Mortgage Insurance is required Removal of refinanced or modified balloon loan policies: removing all references to refinanced or modified balloon loans from the Selling Guide. Throughout the country and certainly throughout Pennsylvania, homeownership is beyond the reach of core community employees, medical personnel, school employees, police and fire personnel, county workers, laborers, service industry staff, etc. Contact Us Pennsylvania Licensure Requirements. q,)YG}Rx[f_7mIM=Sv%? Pandemic relief is available thru the PA Homeowner Assistance Fund. If this amount is financed, it must not impact the buyer's ability to pay the mortgage (debt to income ratios). ; 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 Implementation Guidelines (the Guidelines). Buyer and seller sign a sales contract Buyer submits the contract to the lender 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. A person who holds a certificate issued under authority of the Real Estate . brokers throughout the state that will process and close the loans. Luxury amenities such as: swimming pools, tennis courts, hot tubs/Jacuzzis, saunas or other recreational or entertainment facilities, are not eligible. or VA). It offers a zero-interest loan between $1,000 and $10,000 in conjunction with a PHFA Keystone Home Loan or Keystone Government Loan. endstream endobj LinkedIn The contract must contain the following items: It is up to the buyer to provide the lender with a written request detailing the required improvements/repairs to be completed, along with the estimates, specs, contracts, etc., from a qualified and licensed contractor(s). Unsure if you should apply for HEELP? As in all PHFA homeownership programs, loans are made by a local participating lender, not by the Agency itself. 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). Funds for the second mortgage are forgiven on an annual basis, over ten years at a rate of ten percent (10%) per year. Contact Us The FHA appraisal process typically takes the same amount of time as a conventional mortgage. This web site requires JavaScript to function properly. Employees must meet the eligibility requirements for the Advantage Program to qualify. Visit the Document Center on our borrower website to access your tax records. 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 . albany medical college admissions; bay ridge restaurants open. An FHA appraisal is valid for 120 days. Installation or improvement of heating and/or air conditioning systems, Repairs/improvements to plumbing and/or electric systems. You may qualify for up to $6,000 in down payment assistance to buy a home. It also outlines the criteria and provides the application materials for lenders and brokers that are interested in offering PHFA's line of home purchase and assistance loans. * ALERT! TAB 33 - Financing & Regulatory Documents: TAB 34 - Project Capital Needs Assessment / Energy Audit: Project Capital Needs Assessment / Energy Audit. Applicants can qualify for an FHA loan if they have a debt-to-income ratio below 43%. 2 0 obj <> endobj 4 0 obj <>stream For the Keystone Home Loan Program, eligible buyers may include between $1,000 and $15,000 for repairs and/or improvements with a conventional PHFA first mortgage, as long as the As Completed appraised value supports the cost of the repairs. The remaining funds can be from an acceptable gift or assistance program. Facebook All PHFA loans have the following advantages: Contact Us Borrowers must contribute the lesser of $1K or 1% of the loan amount for (Conventional and FHA only). * ALERT! PHFA HOMEstead funding is therefore allocated to eligible homebuyers on a first-come, first-served basis. 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. 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. Mortgage Processor. PHFA also offers homebuyers the opportunity to receive homebuyer counseling and education free of charge through one of its approved counseling agencies. This web site requires JavaScript to function properly. Looking for events? 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. You are only required to have an appraisal if your new loan amount exceeds your original loan amount by 1.5 percent. FHA appraisals are a bit different from "regular" appraisals for conventional loans. no-interest, second mortgage loan. The Pennsylvania Housing Finance agency offers a conventional loan product that is designed specifically for HFAs (Housing Finance Agencies). The exhibits will be published in a forthcoming amendment to 2-FLP. You are not required to be a first-time homebuyer. 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. Products: A quick reference guide to PHFA's homeownership programs, including a summary of the guidelines. JavaScript is turned off in your browser. Home repairs can be made to single family homes, duplexes, manufactured housing and PUDs. Third lien position is permitted in these circumstances. The purchase, conveyance, and financing (or refinancing) must be evidenced by a valid and enforceable first-lien mortgage or deed of trust that is recorded in the land records, and must represent a single real estate transaction under applicable state law. PHFA also offers homebuyers the opportunity to receive homebuyer counseling and education through one of its approved counseling agencies. RD loans are not available in Philadelphia and Delaware counties and other major cities. Once that maximum age is reached the appraisal has expired and is no . US Postal Deliveries: PO Box 8029 . Eligible modification items may include, but are not limited to the following. FHFA also oversees the regulated entities' managem ent of risks associated with emerging cyber-enabled fraud schemes affecting the mortgage market and its participants. You have sufficient funds to pay standard mortgage application and closing fees. The asset limitation of liquid funds may not be greater than $50,000 after deducting the funds needed to close on the loan. 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. 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. 1004 appraisal - required on all properties. 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. Before you sign a sales agreement with the seller, you should first determine if the house suits your present and future living needs, or if it could be made suitable with up to $10,000 in modifications. A PHFA approved homebuyer education provider or participating lender can help you decide. For more information, visit www.phfa.org, email bizdevelopment@phfa.org or call 717-780-3800. x[kocGr>y!/`@db,A@WD"9")NUw_J#vwu=N=w8?&MZ?i~>my?_?j:LBewSw?~|1(/BRRG@s;\%kNi/l9'8D"m5-#m{9YBF8o These requirements are explained in the Multifamily Housing Application Instructions. YouTube 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. The HOMEstead Program is not available in all areas and may not be used in conjunction with any other PHFA downpayment and/or closing cost assistance program. Web training includes basic and advanced lender training program. Tax assessments and market analyses by real estate brokers are not acceptable proof of LTV compliance. Clarifications based on Ask Poli insights: updating the Guide based on common questions pertaining to non-occupant borrowers. Any unused ACCESS Home Modification Loan funds must be refunded to the Agency. Any borrower with a FICO credit score lower than 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. Exhibits 1-4 provided the FSA appraisal guidelines and addendums for specialty type properties such as poultry, hog, and dairy. Requirements. For the Keystone Flex Purchase and Improvement with K-FIT, eligible buyers may include up to $30,000 for repairs and/or improvements. The loans and servicing rights are then purchased by the Agency following settlement. 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. 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. Twitter 3 we will be running a new 'Master Your Money' Podcast. A maximum of three inspection fees of up to $75 each may be included in the repair costs. Loans are underwritten using the guidelines of the respective federal agency providing the insurance/guaranty. 225.00 Renewal Fee. 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. Twitter The PHFA is offering free education for Realtors. ; 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. This program is also covered in Chapter 3 of the Seller's Guide. National first-time home buyer programs. 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. The grant does not require repayment and must be used towards the purchase of the home. Flickr, You skipped to and are entering the secondary navigation menu, You skipped to and are entering the main content, PHFA network of Approved Housing Counseling Agencies, Keystone Home Loan Program purchase price limit, Keystone Flex Loan Program Purchase Price Limit. First time buyers may also be eligible for up to $10,000 in a no interest downpayment and closing cost assistance loan through the HOMEstead Program. %PDF-1.5 % 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. No prepayment penalty if the loan is paid off early. Other eligibility requirements apply. These home loans are originated, processed, and closed by a network of approved participating lending institutions. You may be able to find a home that suits your lifestyle and living needs just the way it is. Here is the general timeline for an FHA home appraisal. An Employer Assisted Housing program benefits everyone; the employee, the employer and the local communities. Volume Cap Applicants or Applicants submitting an Underwriting Application for Tax Credits/PennHOMES must submit TWO hard copiesand one electronic copy . The HomeStyle Renovation program may be combined with PHFAs Keystone Advantage Assistance Loan, as applicable. Additional information supporting the loan application may also be requested. Generally, you should plan to use no more than 30 percent (30 %) of your income for your monthly mortgage payment. Be contingent upon approval of your home loan; State the specific work to be done and must be supported by specifications, blueprints, drawings, etc. The loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property. 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. PHFA plans financial education podcasts starting Feb. 27. These home loans are originated, processed, and closed by a network of approved participating lending institutions. The Federal Housing Administration has specific requirements for termite inspections when an FHA loan is being used. Combining the Employers benefit with a PHFA mortgage will reap even more benefits for the employee. your lifetime. Loans will be secured by a mortgage on the borrower's home. All contractors working with HEELP borrowers must be approved. To be approved for a K-FIT loan, all borrowers must be eligible for the KHL program and meet the K-FIT loan program eligibility requirements. Overview of FHA Appraisal Guidelines for 2021. Flickr, If you are not a Homeownership Professional, please go to the ", You skipped to and are entering the secondary navigation menu, You skipped to and are entering the main content, G. PHIF Guidelines, Pricing, and Procedures, J. Feb 21 2023: PHFA plans financial education podcasts starting Feb. 27. you can have peace of mind knowing that you made the best decision on what will probably be the largest purchase of Seller's Guide - Pennsylvania Housing Finance Agency (PHFA) Bachelor's degree or Associate's degree or 3 additional non-degreed options & 200 classroom hours in the appraisal curriculum. It has several programs, one of which is down payment assistance for homebuyers in Pennsylvania. Please note that the borrower must still occupy the home within 60 days, so repairs in the final month must not affect livability of the home. If you meet the conditions above, contact a PHFA participating lender to start your mortgage application. All funds disbursed must be used for the accessibility modification improvements. You have sufficient funds for a downpayment on your prospective home. New participating lenders receive web or onsite training at their office or designated location. Check with a PHFA participating lender to determine the specific costs. Downpayment and closing cost assistance loans are available. 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 K-FIT loan Program may be used on Conventional, FHA, VA or RD loans. 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 The lender should select HomeStyle on the top of the 51 Pre-Closing Package Checklist - PURCHASE. All rights reserved In certain cases, based upon family need, the funds may provide additional down money to make the property affordable to the buyer. Newsletter Subscribe 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. 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. It may not be used in conjunction with any other PHFA downpayment and/or closing cost assistance program. The final version of SB1 was approved by the Senate, 50-0, and the House of Representatives, 199-0. 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. 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. FHA loans: These loans are insured by the Federal Housing Administration (FHA) and require a borrower to have a 3.5 percent (3.5 %) minimum investment. Newsletter Subscribe Facebook UD }//U_'&Q$qB DN''MO#=qw[1>>BSc}>=$Np#Y'6;z5~Mo HOMEstead funds are forgiven at Your eligibility is determined by the PHFA participating lender Acceptable credit history and the ability to make monthly payments on the home are required. So, you would be making your mortgage payment directly to PHFA for the This down payment can be the borrower's own funds or can. Newsletter Subscribe That is up to you. 2 junio, 2022; couples challenge tiktok; dome structure examples Applicants will be notified regarding any equity adjustments during processing. Two unit dwellings deeded as one property are eligible unless the residence is a manufactured home, then one unit only. * Forms Overview: A comprehensive listing of PHFAs homeownership program forms categorized by function. 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. These limits may be increased up to 150% Area Median Income (AMI) based upon individual circumstances. The appraiser basically wears two hats during this process. Jan 27 2023: PHFA takes PAHAF program in-house. This web site requires JavaScript to function properly. PHFA does not handle the mortgage application process. Developments will be underwritten according to the funding source sought. Receive an attractive rate for this vital home improvement. PHFA will purchase the loan according to the normal schedule, which will usually be prior to the completion of the repairs. Renovation of plumbing or electric systems, Installation of improved heating or air conditioning systems, Energy conservation and solar energy improvements. For sewer connections, any area of PA is eligible. Program highlights are summarized below. In addition to the PHFA first mortgage, some applicants may qualify for downpayment and/or closing cost through one of our many assistance programs. Keystone Advantage Assistance loans may be used on Conventional, FHA, VA or RD loans. Minimum credit score of 620 Maximum debt-to-income ratio (DTI) of 50% Eligible borrowers can receive a mortgage-credit certificate of up to $2,000 to use toward closing costs and down payments. K-FIT provides eligible homebuyers with five percent (5%) of the lesser of the purchase price or appraised value with no maximum dollar limit. Credit score: You'll need a credit score of at least 500 to qualify for. Two-unit properties are not eligible for this program. Locate an approved HEELP contractor in your area. The loans and servicing rights are then purchased by the Agency following settlement. r%?rdd"d:hXPa_cnBsb_b fC{`#L5&cBg )~#kt{oc%oa]231-Ovc]{7>pZHI47!lDtCyo'HnvCiE`,$Y0B%0pi/ Wnty}Fu>(]d;,U)yim{0