2015 First Time Home Buyer Programs for Pennsylvania ACCESS Home Modification Program ACCESS Home Modification Program offers an interest free deferred payment loan to people who are purchasing a home, have a permanent disability or live with a family member who has a permanent disability and need funds to make accessibility modifications. The minimum loan amount is $1,000. The maximum is $10,000. This loan will become due and payable if you move out of your home or sell or transfer it to another owner. Home modifications must meet the needs of the person who has a physical disability and will live in the home. Examples include bathroom modifications, kitchen modifications, installation of grab bars and handrails, lifting devices, adding a main level bathroom or bedroom, adding or repairing a ramp or sidewalk or widening doorways or hallways. Qualified buyers in Pennsylvania may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. Pennsylvania Mortgage Credit Certificate Pennsylvania Mortgage Credit Certificate allows first time buyers to claim a federal income tax credit of 50 percent of the mortgage interest paid each year, capped at $2,000 annually. Qualified buyers in Pennsylvania may apply. Renovate and Repair Loan Program Renovate and Repair Loan Program provides a loan to ensure necessary repair are made to a home to make it safer and more energy efficient, but it’s also designed to Prevent homeowners from becoming victims of unscrupulous lending practices (i.e., high interest rates and costs, more money borrowed than needed, pre payment penalties, etc.). Households can have a combined income no greater than 150 percent of the state’s median income. Borrowers must have credit score of at least 620. Qualified buyers in Pennsylvania may apply. Purchase Improvement Loan Program Purchase Improvement Loan Program allows buyers to combine a Keystone Home Loan with additional funds for home repairs or improvements. The minimum additional loan amount is $1,000. The maximum is $15,000. The home's purchase price is subject to limits and the appraised value after completion must support the cost of the repairs. The repairs might include plumbing or electric systems, improved heating or air conditioning systems, addition of living space, kitchen or bathroom renovation, roof replacement or energy conservation or solar energy improvements. Up to of three inspection fees of up to $75 each may be included in the repair costs. Qualified buyers in Pennsylvania may apply.
Keystone Advantage Assistance Loan Program Keystone Advantage Assistance Loan Program which can be paired with Pennsylvania’s purchase programs, is a $6,000 second mortgage at 0 percent that is amortized over 10 years. Borrowers must have a credit score of at least 660, and cannot have liquid assets of more than $50,000. Qualified buyers in Pennsylvania may apply. HOMEstead Downpayment and Closing Cost Assistance Loan Program HOMEstead Downpayment and Closing Cost Assistance Loan Program offers an interest free second mortgage toward your down payment and/or closing costs. The minimum loan amount is $1,000. The maximum is $10,000. This loan will be forgiven at a pace of 20 percent per year for five years. After that, the loan need not be repaid. A 1 percent fee that the program charges can be financed by the HOMEstead loan. Qualified buyers in Pennsylvania HFA Preferred Risk Sharing (No MI) HFA Preferred Risk Sharing (No MI) offers a conventional mortgage with a 30 year fixed rate term, structured so you won't have to pay mortgage insurance (MI) even if your down payment is less than 20 percent of your home's purchase price. Instead, your loan might have a slightly higher interest rate. To be eligible, you must have an acceptable credit history and ability to make mortgage payments. You also must be in a low income household, based on where you live in the state and how many people live with you. You'll have to pay an application fee and closing costs and contribute at least $1,000 of your own money toward your down payment. The remaining funds can be a gift or from a down payment assistance program. Qualified buyers in Pennsylvania may apply. Employer Assisted Housing (EAH) Initiative Employer Assisted Housing (EAH) Initiative offers homebuyers working for a Participating EAH Employer (there are 47) with a 30 year fixed rate loan and down payment assistance. The down payment assistance comes in the form of an interest free 10 year loan of up to $8,000. Employer Assisted Housing (EAH) Initiative targets community employees, medical personnel, school employees, police and fire personnel, county workers, laborers, service industry staff, etc. Qualified buyers in Pennsylvania may apply. HFA Preferred (Lo MI) HFA Preferred (Lo MI) offers a conventional mortgage with a 30 year fixed rate term, but you will need to pay for mortgage insurance if your down payment is less than 20 percent. To be eligible, borrowers must meet the same requirements listed for the Preferred Risk Sharing Program. Qualified buyers in Pennsylvania may apply. Access Downpayment and Closing Cost Assistance Program Access Downpayment and Closing Cost Assistance Program offers an interest free deferred payment second loan to people who have a permanent disability or live with a family member who has a permanent disability. To be eligible, you'll have to be qualified for a first mortgage, meet household income limits, contribute 3 percent to 5 percent of your home's purchase price from your own funds, and have liquid assets of no more than $5,000. The minimum loan amount is $1,000. The maximum is $15,000. This loan will become due and payable if you move out of your home or sell or transfer it to another owner. Qualified buyers in Pennsylvania may apply. Keystone Home Loan Program Keystone Home Loan Program is for first time home buyers, meaning you cannot have owned a home within the last three years. These requirements can be waived if you buy a home in a targeted area or you're a discharged U.S. military veteran. Purchase price and income limits apply. You must have an acceptable credit history, ability to repay your loan and sufficient funds for an application fee, closing costs and down payment based on the purchase price of your home. Whether you'll have to pay mortgage insurance will depend on the type of loan you choose. Qualified buyers in Pennsylvania may apply.
To apply visit http://buyerprograms.net/Pennsylvania