The Pennsylvania Housing Finance Agency (PHFA or the Agency) offers home purchase loans with low interest rates and fees
that carry a fixed interest rate for 30 years. Downpayment and closing cost assistance loans are also available, as well as assistance to make access modifications and non-cosmetic improvements.
PHFA's home loans are originated, processed, and closed by a network of approved participating lending institutions.
The loans and servicing rights are then purchased by the Agency following settlement. PHFA loans are also originated by approved mortgage brokers who obtain sponsorship from a participating lender.
Appraisers do not have to be specially certified to value a PHFA-financed property. However, PHFA does have certain property guidelines which may differ from standard industry practices. Otherwise, Fannie Mae guidelines are used for conventional loans, and the guidelines of the appropriate federal agency are used for government insured/guaranteed loans.