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are a first-time buyer. Or, you may find a home that would suit your needs if certain modifications were madethis is when PHFA's Access Home Modification Program can help. Meet Jim from Jim Thorpe. "For properties that cannot connect to a public system and are served by an individual sewage system that is acceptable to the local health authority, the system is then acceptable to HUD/FHA." Overview of FHA Appraisal Guidelines for 2021. Homebuyers working for a Participating EAH Employer can receive a Keystone Advantage Assistance Loan of up to $8,000 for downpayment and/or closing cost assistance in the form of an interest free loan amortized over 10 years. Bachelor's degree or Associate's degree or 3 additional non-degreed options & 200 classroom hours in the appraisal curriculum. The loan must be used towards the purchase or refinance of a primary residence. The program that is best for you will depend on your specific circumstances, such as your credit history and amount of cash savings, as well as your individual preferences. The K-FIT loan is forgiven on an annual basis over ten years at a rate of ten percent (10%) a year. Please enable JavaScript in your browser settings then reload/refresh this page. K-FIT provides eligible homebuyers with five percent (5%) of the lesser of the purchase price or appraised value with no maximum dollar limit. Contact a PENNVEST Participating Lenders (Complete List). PHFA also offers homebuyers the opportunity to receive homebuyer counseling and education through one of its approved counseling agencies. %PDF-1.5 % Target counties are indicated by a "T" in the listing of, The gross annual household income for all adults that intend to occupy the home within one year from loan closing does not exceed the, The purchase price of your prospective home does not exceed the. Twitter It may not be used in conjunction with any other PHFA downpayment and/or closing cost assistance program. 680 is required to complete a course prior to closing on their loan. Implementation Guidelines (the Guidelines). Twitter He must determine the market value of the house being purchased, and must also evaluate the property to ensure that it meets HUD's minimum guidelines.. The borrower must fund any amount that exceeds the as approved appraised value. The program that is best for you will depend on your specific circumstances, such as your credit history and amount of cash savings, as well as your individual preferences. The Keystone Forgivable in Ten Years Loan Program (K-FIT) can be used in conjunction with the following PHFA first mortgage home purchase loan programs: Buyers must meet the requirements of the applicable PHFA first mortgage program, and must also meet the requirements associated with the Keystone Forgivable in Ten Years Loan Program (K-FIT) which are listed below: The Pennsylvania Housing Finance Agency (PHFA) offers home loans with competitive interest rates and fees through any of the Agency's first mortgage home purchase loan programs (i.e., Keystone Home Loan, Keystone Government Loan, HFA Preferred(Lo MI), HFA Preferred Risk Sharing(No MI)). Keeping your home attractive and in good repair will help it to maintain or even increase in value. Join or sign in to find your next job. LinkedIn Newsletter Subscribe 2022 Beckoning-cat.com. The Access assistance loan is only available to buyers who are also using the Access Home Modification Program described below and whose gross, annual household income does not exceed 80 percent (80 %) of statewide family median income as determined by the Federal Department of Housing and Urban Development. Unsure if you should apply for HEELP? This must be supported by specifications, drawings, photos, etc. Locate an approved HEELP contractor in your area. FHA appraisals are a bit different from "regular" appraisals for conventional loans. The contract must contain the following items: It is up to the buyer to provide the lender with a written request detailing the required improvements/repairs to be completed, along with the estimates, specs, contracts, etc., from a qualified and licensed contractor(s). Please refer to the "As-Is" Appraisal Requirements for appraisal methodology. Not less than $1,000 and no more than $10,000. JavaScript is turned off in your browser. The property evaluation takes place during the FHA home appraisal. Assistance under the Program is limited to the lesser of 4% or $6,000 to non EAH borrowers. Requirements. The regulated entities are required to report suspicious activity, including fraud, to regulatory and law-enforcement authorities, including FHFA. All borrowers must complete homebuyer education from an approved, You meet the eligibility requirements for the. $6"!@5JX+JxO|ZN RD loans are not available in Philadelphia and Delaware counties and other major cities. LinkedIn pest and disease control in agriculture; property management companies concord, nc; lean cuisine cook time microwave. The lender must provide the appraiser with the contract and supporting documentation so the as completed value of the property can be determined. You will have fewer forms to sign at or before closing. Newsletter Subscribe Loans will be secured by a mortgage on the borrower's home. Home repairs can be made to single family homes, duplexes, manufactured housing and PUDs. included appraiser shortages in rural and high-volume areas, the impact of licensing requirements on new entrants, sources of meaningful training for trainees and new appraisers, and how to use technology to help trainees gain practical experience. * ALERT! Vacating a jointly owned property United States. EN. For homes built prior to 1978 where the modifications may disturb painted surfaces, the borrower cannot use HOMEstead assistance but may use the ACCESS assistance if needed and if eligible. The Keystone Government Loan program does not have income or purchase price limits, as well as not having a first time homebuyer requirement. Exhibits 1-4 provided the FSA appraisal guidelines and addendums for specialty type properties such as poultry, hog, and dairy. Throughout the country and certainly throughout Pennsylvania, homeownership is beyond the reach of core community employees, medical personnel, school employees, police and fire personnel, county workers, laborers, service industry staff, etc. The maximum amount of assistance to eligible homebuyers will be based upon the lesser of the purchase price or appraised value. Facebook All applicable FHA, VA or RD loan underwriting requirements apply, including loan to value and downpayment requirements. 9281 0 obj <> endobj JavaScript is turned off in your browser. This program includes downpayment and closing cost assistance through the Keystone Forgivable in Ten Years Loan Program (K-FIT). You meet the qualifying income requirement that cannot exceed the, The purchase price of the home you intend to purchase cannot exceed the. 'zSD7t+ V#kf$E'c vM0q(=8Pk#7eqDI9bP$xbv"zyo% s,(VP[qEa:zh-3/~c_B~jOl)_bT%7On*I\ 9ks"(Fj\5]-^l3+v[mbshp[4Cr/9u5c4 !z]5xm-rnp6U15P>C},^\%Awp{JDH[oAX2',!VEW":ppkN! fs{NL$6kk. Flickr, You skipped to and are entering the secondary navigation menu, You skipped to and are entering the main content, Multifamily Application / Intent to Submit Online Submission Website, 02 - Program Guidelines and Application Process, 03 - LIHTC Qualified Allocation Plan (QAP), 07 - Request for Proposals - Tax Exempt Bonds, 08 - Taxable and 501(c)(3) Tax Exempt Bond Financing, 11 - Small Mortgage Assistance Program (SMAP), 11a - Small Loan Assistance Program - Term Sheet, 03a - Amendment to Qualified Allocation Plan, 03b - Amendment to Qualified Allocation Plan, 06 - Taxable and 501(c)(3) Tax Exempt Bond Financing, 07 - Volume Cap for Tax Exempt Bond Financing, 09 - Income Averaging Interim Guidance 2019 Applications, 07 - Taxable and 501(c)(3) Tax Exempt Bond Financing, 08a - Volume Cap for Tax Exempt Bond Financing, 02 - Qualified Census Tracts & Difficult to Develop Area, 03 - Participating and Non-Participating Jurisdictions, 05B - Rent and Income Limit Chart - with PennHOMES Funding, 05C - Rent and Income Limit Chart - Tax Credit Only. Title Insurance Companies Acceptable to PHFA for the Mortgage Revenue Bond Programs, 04 Recapture Tax Notice (Locks made on or after 8/1/2022), 05 Affordable Housing Assistance Program Checklist, 27 New Loan Tax and Insurance Information Sheet, 29 List of Authorized Officers and Underwriting Personnel, 30 Final Document Submission Cover Letter, 48 Purchase & Improvement - Access Mod Acknowledgement, 49 Request for Payments and Completion Certification, 50 Requirements and Guidance for PHFA Home Improvement Loans, 51 Pre-Closing Package Checklist - PURCHASE, 51R Pre-Closing Package Checklist - REFINANCE, 54 Subordinate Note (Access DP & Access MOD), 54ADV Keystone ADVANTAGE Loan Subordinate Note, 55 Subordinate Mortgage (Access DP & Access MOD), 55ADV Keystone ADVANTAGE Loan Subordinate Mortgage, 57ADV Keystone Advantage Closing Disclosure, 66 Borrower's Authorization to Release Information, 67 Authorization Agreement for Automatic Withdrawal Payments, 70 Warehouse Lender ACH Information (if PHFA is to fund a warehouse lender), 71 Authorization Request for Escrowed Mortgage Payments, 02 MCC Homebuyer Fact Sheet (Hoja informativa para compradores de vivienda de MCC), 03 Mortgagor's Affidavit (Declaracin Jurada de Hipoteca), 08 Divorce Applicant Affidavit (Declaracin Jurada del Solicitante de Divorcio), 11 Gift Affidavit (Declaracin jurada de regalo), 17 Buyer's Statement/Source of Funds (Declaracin del comprador/Fuente de fondos), 19 Addendum to Note/Construction Loan (Addendum para/Notar prstamo de construccin), 21 Co-Signer's Certification (Certificacin del co-firmante), 28 Hello/Goodbye Letter (Hola/Adis carta), 40 Note/Mortgage Modification Agreement (Nota / Acuerdo de modificacin hipotecaria), 48 Purchase & Improvement-Access Mod (Reconocimiento de compra, mejora o modificacin), 49 Request for Payments & Completion (Solicitud de pagos y certificado de finalizacin), 50 Requirements and Guidance for PHFA Home Improvement Loans (Requisitos y orientacin), 54 Subordinate Truth In Lending and Note (Access MOD), Access Modification/ Access Down payment CCA (Eligible w/ all PHFA programs), Keystone Flex Purchase & Improvement w/ KFIT, 2021-02-04 Quarterly Program Update, 1st Quarter, 2021-02-10 Interim Program Update: K-FIT Launch Date, 2021-03-10 Interim Program Update: PHFA Grant of $500, 2021-11-12 Quarterly Program Update, 4th Quarter, 2022-02-28 Quarterly Program Update, 1st Quarter, 2022-04-04 Quarterly Program Update, KFLEX Facts, 2022-06-06 Quarterly Program Update, 2nd Quarter, 2022-08-16 Quarterly Program Update, 3rd Quarter, 2023-02-03 Quarterly Program Update, 1st Quarter, 09 Notice of Credit Denial, Termination or Change, 10 HOMEstead's Check List (Aide for Compliance Submission), Regional Training March 14, 2023: Monroeville, Regional Training March 15, 2023: Harrisburg, Regional Training March 21, 2023: Williamsport, Regional Training March 22, 2023: Plymouth Meeting. PHFA guidelines and compliance. Find out how. With the HFA Preferred(Lo MI) loan, mortgage insurance is provided by one of several private mortgage insurance companies when the borrower puts down less than 20 percent (20 %) towards the purchase of the home. An FHA appraisal also has special requirements beyond an assessment of the value. Renovation of plumbing or electric systems, Installation of improved heating or air conditioning systems, Energy conservation and solar energy improvements. The exhibits will be published in a forthcoming amendment to 2-FLP. At closing, the lender will escrow the repair funds and will thereafter monitor the completion of the repairs and issue draws, if applicable, using the appropriate PHFA forms. It also outlines the criteria and provides the application materials for lenders and brokers that are interested in offering PHFA's line of home purchase and assistance loans. The loan must comply with all FHA, VA or Conventional requirements, including land to value ratio and net and gross adjustments. We strongly encourage you to seek the assistance of a counselor before you sign a sales agreement, especially if you are a first-time buyer. The purpose of the Mortgage Processor position is to process first mortgages originated by the Credit Union, to include Conventional, VA, FHA, USDA, PHFA and Construction loans for both portfolio and secondary market mortgages in accordance with Credit Union and investor guidelines. For sewer connections, any area of PA is eligible. With such affordable payments, now you can make those much needed energy efficiency repairs. TAB 03 - Tax Credit and PennHOMES Selection Criteria: TAB 05 - Schematic Plans / Scope of Work: 03 - Passive House Consultant's / Applicant's Certification (revised 10/15/2018). An Employer Assisted Housing program benefits everyone; the employee, the employer and the local communities. TAB 40 - Evidence of Bond Letter from Issuing Agency Requesting 42(m) Review: Evidence of Bond Letter from Issuing Agency Requesting 42(m) Review, Pennsylvania Housing Tax Credit (PHTC) - Syndication Information, 05a - Application Modification Request Checklist, 05b - Submission Requirements for Processing Modification Requests, h. VAWA Emergency Transfer Plan Checklist, 08 - Insurance Requirements During Construction, 09 - Insurance Requirements After Construction, f. Management Pre-Commitment Checklist Cover Sheet, Additional Tax Credit Submission Requirements. UD }//U_'&Q$qB DN''MO#=qw[1>>BSc}>=$Np#Y'6;z5~Mo FHA loan appraisal guidelines include a maximum age for an appraisal. endstream endobj All rights reserved * ALERT! Otherwise, you will not be able to visit other pages using the navigation "menu" bar or have access to other content throughout the site. The lender will submit a signed Purchase/Improvement Program Acknowledgment with specs, contract(s), etc., to PHFA when they submit the pre-closing package. (For a representative $10,000 loan with $0 financing charge. Eligible modification items may include, but are not limited to the following. Third lien position is permitted in these circumstances. LinkedIn The Pennsylvania Infrastructure Investment Authority (PENNVEST) has teamed with the Pennsylvania Housing Finance Agency (PHFA) and the Pennsylvania Department of Environmental Protection (DEP) to offer this special funding program. These additional mortgages will NOT be factored into maximum loan-to-value financing limitations. requirements for an appraisal by a certified or licensed appraiser. interests at heart. can afford. The final version of SB1 was approved by the Senate, 50-0, and the House of Representatives, 199-0. Minimum credit score of 620 Maximum debt-to-income ratio (DTI) of 50% Eligible borrowers can receive a mortgage-credit certificate of up to $2,000 to use toward closing costs and down payments. This allows buyers to make needed repairs right away, without having to take out another loan at a higher rate and with a shorter repayment period. Additional information supporting the loan application may also be requested. PHFA then buys the loan from them immediately following All programs offer a fixed interest rate for 30 years. The checks for each draw must be signed by both the borrower and the contractor. The Federal Housing Administration has specific requirements for termite inspections when an FHA loan is being used. Just Approved: FHA allows "drive-by" appraisals for HECM reverse mortgage because of COVID-19 Sep. 7, 2020 Updated: Sep. 7, 2020 12:28 p.m. Facebook Twitter Email -03-2022, 0 Comments . The new guidelines are designed to increase the number of low and moderate-income borrowers who have a lower credit score and cannot qualify for a conventional mortgage. Receive an attractive rate for this vital home improvement. New participating lenders receive web or onsite training at their office or designated location. 717.780.3948 or 717.780.3876 . Your lender will help you determine what the premium will cost for your specific situation. No prepayment penalty if the loan is paid off early. Installation or improvement of heating and/or air conditioning systems, Repairs/improvements to plumbing and/or electric systems. According to the 2021 FHA appraisal guidelines, all properties being purchased with an FHA-insured mortgage loan must be appraised by a licensed, HUD-approved home appraiser. The first mortgage is provided by PHFA at the same rate as the Keystone Home Loan program. Looking for events? TAB 10 - SHPO & Historic Preservation Documentation: SHPO & Historic Preservation Documentation, 02 - Supportive Services Plan Outline and Questionnaire, Accessible Unit Policy (updated August 2022), Lease Addendum Pertaining To Occupancy of Accessible Unit. That is up to you. This HUD standard applies to pile yarn floor covering materials designated as first quality, tufted, woven, bonded or knitted carpet, free from objectionable visual blemishes and physical defects. This web site requires JavaScript to function properly. Recreational or entertainment items such as swimming pools, tennis courts, hot tubs, saunas, etc., may not be included. For the Keystone Home Loan Program, eligible buyers may include between $1,000 and $15,000 for repairs and/or improvements with a conventional PHFA first mortgage, as long as the As Completed appraised value supports the cost of the repairs. Otherwise, you will not be able to visit other pages using the navigation "menu" bar or have access to other content throughout the site. Any borrower with a FICO credit score lower than 680 is required to complete a course prior to closing on their loan. TAB 02 - Multifamily Housing Core Application: 01 - Core Application & Operating Budget Instructions. Feb 21 2023: PHFA plans financial education podcasts starting Feb. 27. Acceptable credit history and the ability to make monthly payments on the home are required. This is a non-interest bearing loan with no monthly payment. Upon completion of your application, the lender will perform a preliminary review of the construction proposal submitted by the applicant, which includes the specifications, cost estimates, and drawings of the work to be completed. The loans and servicing rights are then purchased by the Agency following settlement. Common modifications include the addition or repair of an entrance ramp, widening of doors and hallways, installation of grab bars and handrails, bathroom and/or kitchen modifications, and the installation of lifting devices. Unsure of your log in credentials? The HomeStyle Renovation program may be combined with PHFAs Keystone Advantage Assistance Loan, as applicable. Unless otherwise approved by OHFA, the Guidelinesse will be used beginning with all 2020funding rounds. If not, the borrower must pay the loan down to 75% LTV or less. The loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property. PHFA does not handle the mortgage application process. Feb 28 2023: PHFA releases 2022 annual report. Borrowers are required to put down at least $1,000 from their own funds. These limits may be increased up to 150% Area Median Income (AMI) based upon individual circumstances. In addition to the PHFA first mortgage, some applicants may qualify for downpayment and/or closing cost through one of our many assistance programs. The minimum downpayment is determined by your credit profile, as specified above. Financeable Project Costs: system design charges, construction fees and costs, inspection, and permit fees, connection fees (also known as "tap-in fees"), and most loan origination fees. Holly needed a home loan that would work with her budget, Julie wanted a home that offered her boys stability, Linda wanted her family to experience the benefits of homeownership, Marcus and Michelle wanted a home for their young family, Newlywed Couple Puts Down Roots in a Small Pennsylvania Town, Owning a home has made all the difference, PHFA helps long time renters become first time homeowners, The Michaels family wanted a home in which to raise their children, Assistance from PHFA helped David and Amy avoid foreclosure, Coming back from the brink of foreclosure, PHFA was able to help save the Marcellus home during job losses, Homebuyer counseling helped Ejetta on her path to homeownership, Housing counselor Rita helped Katherine get a needed home loan modification, Nikki has a passion for helping others through counseling, She did her homework to become a homeowner, When Regis lost his job as a chef, housing counseling helped him save his home, Alfred wanted senior housing he could afford, An affordable apartment turns hardship into happiness, Funding from PHFA helped provide rental housing that worked for lifelong friends Jane and Betty, Nilda needed an apartment within her budget so she could continue to care for her adult daughter, Yvonne wanted rental housing to enjoy her retirement and her grandchildren, A community gets financial help to convert a historic building into a popular Civil War museum, Bakery Square in Pittsburgh makes the shift from bakery to high-tech office center, Harrisburg's Hamilton Health Center builds a new home to better support its mission, New ArtsQuest facility helps spur Bethlehem's renaissance. Terms up to 20 years (up to 15 years for manufactured homes). TAB 35 - Preservation Set-Aside Preference: TAB 37 - Statement of Qualification under Request for Proposals: Statement of Qualification under Request for Proposals. This program is also covered in Chapter 3 of the Seller's Guide. Qualified borrowers can receive up to four percent (4%) of the purchase price or market value or $6,000 (whichever is less) in downpayment and closing cost assistance to be repaid monthly. Funds will be available on a first-come, first-serve basis. The Pennsylvania Housing Finance Agency offers the HomeStyle Renovation program which allows eligible homebuyers purchasing a home or existing homeowners seeking a refinance mortgage to repair, remodel, renovate or complete energy improvements. Therefore, most homes built prior to 1978 are not eligible for HOMEstead assistance. Easton Senior Citizens Apartments was PHFA's first funded affordable multifamily development. Also, those loan types may have additional eligibility requirements regarding the buyer and/or the property. The Keystone Advantage Assistance Loan Program provides a second mortgage loan to help with the costs associated with the purchase of a home. At a minimum, the appraiser must complete the following steps: Visually inspect the subject property both inside and out. The Guidelines may be subject to change, pending developments in federal and state legislative requirements and/or OHFA policy. Borrowers must contribute the lesser of $1K or 1% of the loan amount for Conventional loan. The lender should write Purchase Improvement Program on the top of the 51 Pre-Closing Package Checklist - PURCHASE, the credit/pre-compliance package checklist. The ACCESS Home Modification Program provides mortgage loans to assist persons with disabilities or who have a family member(s) living in the household with disabilities who are purchasing a home that needs accessibility modifications. 1004 appraisal - required on all properties. This all-inclusive portal allows you to register, submit, and process loans, or view the Resources section for guided tutorials and more. Also, the lender will ensure that the funding of any additional costs do not jeopardize the buyers debt to income ratios or PHFA's lien position, nor do they cause the purchase price limit to be exceeded. There is no first time homebuyer requirement under this program. Otherwise, you will not be able to visit other pages using the navigation "menu" bar or have access to other content throughout the site. Interest rate of 1.75%, up to 2.8% APR as of 1/1/2019. It will also help you identify and avoid unscrupulous lenders and contractors that do not have your best x;0D$|* Before you sign a sales agreement with the seller, you should first determine if the house suits your present and future living needs, or if it could be made suitable with up to $10,000 in modifications. VA and RD loan: Loans guaranteed by either the Veterans Administration (VA) or Rural Development (RD) require no downpayment in most cases. q,)YG}Rx[f_7mIM=Sv%? Please note that the borrower must still occupy the home within 60 days, so repairs in the final month must not affect livability of the home. Eligible borrowers may be able to receive a 30-day extension. The Pennsylvania Housing Finance Agency (PHFA) offers home purchase and refinance loans to qualified borrowers through a network of partner lenders and brokers. A PHFA approved homebuyer education provider or participating lender can help you decide. 3 AN ACT Providing for access to public information, for a . Avoid or respond to citations from your municipality. web site entrance for consumers, homeowners, homebuyers, renters. Funds from retirement accounts such as 401(k)s, IRAs and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired. Luxury amenities such as: swimming pools, tennis courts, hot tubs/Jacuzzis, saunas or other recreational or entertainment facilities, are not eligible. An initial draw in an amount up to 25 percent of the total repair cost may be issued at closing. you can have peace of mind knowing that you made the best decision on what will probably be the largest purchase of 12 Exceptions that institutions may find the most useful during the COVID-19 emergency for real-estate related financial transactions include: The transaction is a residential real estate transaction with a transaction value of less If this amount is financed, it must not impact the buyer's ability to pay the mortgage (debt to income ratios). Twitter There are no income or purchase price limits specific to PHFA; however, the FHA and VA maximum loan limits still apply, as do the RD income limits. Eligible borrowers may receive five percent (5%) of the lesser of the purchase price or appraised value with no maximum dollar limit in downpayment and closing cost assistance. Check with a PHFA participating lender to determine the specific costs. This assistance may be used with or without the modification program, but the property must meet HUDs Housing Quality Standards, and there are maximum income and purchase price limits depending on the county in which the home is located.