Homebuyers Start Here
The Pennsylvania Housing Finance Agency (PHFA or the Agency) offers home purchase and refinance loans to qualified borrowers throughout the Commonwealth. What you choose will depend on your individual situation.
Why should I choose a PHFA Home loan?
- Competitive interest rates.
- Fewer fees.
- 30-year, fixed rate terms.
- Can be used with conventional, FHA, VA, or RD loan types.
- Save up to $2,000 each year if you qualify for the Mortgage Tax Credit Certificate.
- Possible downpayment and closing cost assistance.
- Your mortgage is serviced by PHFA for the life of the loan.
- Special programs for persons with disabilities.
- Employer Assisted Housing available to buyers working for a participating employer.
How do I get started?
PHFA offers homebuyers the opportunity to receive free homebuyer counseling and education through one of its approved counseling agencies. PHFA requires borrowers with a FICO credit score lower than 680 to complete a course in-person prior to closing on their loan. We strongly encourage you to seek the assistance of a counselor before you sign a sales agreement, especially if you are a first-time buyer. The counselor will be able to determine if you are ready for a home loan, and if so, how much of a home you can afford. If you're not ready, they can help you develop a plan.
The next step would be to contact one of our participating lenders. PHFA does not handle the mortgage application process. Instead, we have a network of lenders and brokers throughout the state who will process and close your loan. We then buy the loan from them immediately following the loan closing (also referred to as Settlement). You would be making your mortgage payment directly to PHFA for the life of your loan.
Counseling and Education
PHFA offers the following loan 'mortgage' programs. A homebuyer counselor or participating lender can help you decide which is best suited for you.
- HFA Programs
- Keystone Home Loan Program
- Keystone Government Loan Program
- Keystone Advantage Assistance Loan Program
- Mortgage Tax Credit Certificate
- Programs for Persons with Disabilities
- HOMEstead Downpayment and Closing Cost Assistance
- Employer Assisted Housing (EAH)
- HFA Programs
- FHA/VA Loans
- Access Home Modification Program
- Homeowners Energy Efficiency Loan Program (HEELP)
- Renovate & Repair (R&R)
- Purchase Improvement Loan
- PENNVEST Homeowner Septic Program