Two new PHFA home mortgage programs – Housing Finance Agency (HFA) Preferred Risk Sharing, and HFA Preferred, offer consumers conventional financing with lower monthly and down payments. Those who meet eligibility requirements may also be eligible for PHFA’s closing cost assistance program, through the Keystone Advantage Assistance Loan.
Other features of PHFA’s new programs:
– Financing is available up to 97% of a homes value
– Buyers do not have to be 1st time home buyers to qualify
– Programs offer down payment and closing cost assistance
– Homeowners seeking to refinance may also qualify
The HFA Preferred Risk Sharing can save home buyers money by not requiring private mortgage insurance (PMI). The total monthly mortgage payment will therefore generally be lower with a Preferred Risk Sharing loan, although the interest rate may be slightly higher. The loan program that’s best for the consumer will depend on their specific circumstances, such as their credit history and amount of cash savings, as well as their individual preferences.
The HFA Preferred requires private mortgage insurance but for some consumers it may offer lower monthly payments.
Visit the PHFA website for further information, or contact Steve Madonna of Weichert Financial Services at 610-566-2045.
Wallingford Real Estate – Wallingford, PA 19086
