PHFA Offers Below Rate Mortgages To 1st Time Buyers
The Pennsylvania Housing Finance Agency (PHFA) through it’s Keystone Home Loan Program, is offering below market mortgages to first time home buyers in Pennsylvania.
The current 30 year fixed rate for first time buyers using the Keystone Home Loan Program stands at 2.95%, which is almost 1% lower than the prevailing rate. The cost for a $100,000 mortgage at the PHFA rate would be $418.91 as opposed to $465.96 at a market rate of 3.8% – cheap money even cheaper!
The program does impose income and purchase price limits on potential buyers, but they are not too stringent. For example a 1 or 2 member household can earn up to $97,800, and purchase a home in Delaware County up to $387,000. The Keystone Home Loan Program is summarized on the agency’s web site.
Weichert Financial is a a PHFA participating lender, and Steve Madonna is available at 610- 566-2045 to answer any questions regarding this money saving program for first time home buyers.
Steve and I would also like to offer first time home buyers $500 toward their closing costs for choosing Weichert and Weichert Financial!
Wallingford PA Real Estate – Wallingford, PA 19086
