The Pennsylvania Housing Finance Agency – PHFA – is offering 1st time home buyers mortgage loans at 3.75% with 0 points for existing homes, and 3.25% for new construction. In spite of all the negative news surrounding the housing industry this program offers 1st time buyers a great opportunity. The maximum purchase price of the home is set at $320,000.
Income limits are set at $77,800 for a 1 or 2 member household and $89,400 for a household of 3 or more members. Conventional loans with 3% down are available for customers with a FICO score of 660 or greater.
If you are a first time home buyer still renting and undecided about purchasing a home this should be the motivation to take action.
