pennsylvania housing finance agency · first time homebuyer requirement except in targeted counties...
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MAKE HOMEBUYING MORE AFFORDABLE
WITH PHFA FINANCING
Tom Wolf, Governor Brian A. Hudson, Executive Director
PENNSYLVANIA HOUSING FINANCE AGENCY
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PENNSYLVANIA HOUSING FINANCE AGENCY
PHFA Mission
In order to make the Commonwealth a better place to live while fostering community and economic development, the Pennsylvania Housing Finance Agency provides the capital for decent, safe and affordable homes and apartments for older adults, persons of modest means and those with special housing needs.
www.phfa.org
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PENNSYLVANIA HOUSING FINANCE AGENCY
What is PHFA?
We are a home loan investor We provide funding for homebuyers to purchase
homes through participating lenders Created in 1972- Homeownership in 1982 Headquarters in Harrisburg, PA PHFA has invested over $14.2 billion in home loans
for potential Pennsylvania homeowners Provided home loan funding to more than 175,900
homeowners
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PENNSYLVANIA HOUSING FINANCE AGENCY
PHFA Advantages
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PENNSYLVANIA HOUSING FINANCE AGENCY
PHFA Advantages
PHFA has different loan programs to meet the different home purchase needs of PA homebuyers
Homebuyer tax credit Home purchase/refinance loan options Assistance programs Competitive interest rates and affordable mortgage
terms Free homebuyer education Over 80 lending partners throughout PA Loan servicing provided by PHFA
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PENNSYLVANIA HOUSING FINANCE AGENCY
Buyer
REALTOR®
Application
Process & Underwrite
Close
Lock Rate
Approve Loan
Purchase Loan
Service Loan
BUYER LENDER PHFA
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PENNSYLVANIA HOUSING FINANCE AGENCY
Affordable Mortgage Products
HFA PreferredTM
Keystone Home Loan (KHL)
Keystone Home Loan (KHL)
Keystone Government (K-Gov) loan
Conventional Financing Government Financing
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PENNSYLVANIA HOUSING FINANCE AGENCY
Conventional Options
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PENNSYLVANIA HOUSING FINANCE AGENCY
Conventional Loan Programs
HFA PreferredTM
Mortgage insurance provided by a Fannie-approved insurer Genworth, MGIC, UGI, Radian, Arch MI, National MI and Essent
Mortgage Insurance Coverage requirements:
18% coverage for LTVs > 95% and <= 97% 16% coverage for LTVs > 90% and <= 95% 12% coverage for LTVs > 85% and <= 90% 6% coverage for LTVs > 80% and <= 85%
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PENNSYLVANIA HOUSING FINANCE AGENCY
HFA PreferredTM
Purchase loan for new and existing homes No first-time homebuyer requirement Must meet HFA income limits Region 1 (Bucks, Chester, Delaware, Montgomery & Philly)
$113,500 All other counties $95,620 Appendix B Gross, annual income projected over the next 12 months Calculated on ALL adults who intend to occupy the home
within one year from loan closing
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PENNSYLVANIA HOUSING FINANCE AGENCY
HFA PreferredTM
Up to 97% financing Borrower must have a FICO score of at least 620 Maximum DTI 50% Borrowers must contribute the lesser of 1% or
$1,000 from their own funds Balance of required funds to close may come from
PHFA Advantage loan and/or Fannie approved CommunitySeconds®
Maximum Combined Loan to Value- 105% Downpayment and CCA available
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PENNSYLVANIA HOUSING FINANCE AGENCY
HFA PreferredTM
Eligible Properties One unit properties only
No duplexes Condos , PUDs and Manufactured Housing are acceptable
Property must be primary residence
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PENNSYLVANIA HOUSING FINANCE AGENCY
Homebuyer Education: All borrowers with middle credit scores below 680 must
complete an in-person class session prior to closing Online courses are not acceptable for scores below 680 Must use a PHFA approved Counseling Agency No Homebuyer education is required on refi’s
HFA PreferredTM Lo MI
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PENNSYLVANIA HOUSING FINANCE AGENCY
Homebuyer Education: For loans where all borrowers have a middle credit score
of 680 or higher: At least one borrower must complete an approved counseling
session prior to closing Use PHFA approved Counseling Agency OR PHFA online
course OR PHFA approved mortgage insurance company online course (Arch, Essent, National) OR Framework®
For Pre-Purchase counseling completed prior to executing the agreement of sale, the borrower may receive $300 credit towards closing cost if obtaining a HFA Preferred loan
HFA PreferredTM Lo MI
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PENNSYLVANIA HOUSING FINANCE AGENCY
Keystone Home Loan-Conventional
Maximum LTV up to 97%; Maximum CLTV 105% Approved Mortgage Insurance: PHIF only
Income and purchase price limits apply First-time homebuyer requirement
Waived in 39 Target counties & 13 census tracts Waived for Veterans
Maximum DTI 50% Borrowers must have a FICO score of at least 620
660 for LTV’s above 80%
Borrowers must contribute lesser of 1% or $1,000 of own funds Balance of required funds to close may come from PHFA Advantage loan
and/or Fannie approved community seconds
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PENNSYLVANIA HOUSING FINANCE AGENCY
Government Options
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PENNSYLVANIA HOUSING FINANCE AGENCY
Keystone Home Loan- Government
First time homebuyer requirement except in targeted counties & for veterans
Income and purchase price limits apply Borrowers must contribute the lesser of 1% or $1,000 of their
own funds (FHA loans only) Borrowers must have a FICO score of at least 620 Maximum DTI 45% FHA, VA or RD financing available Offers downpayment and CCA for government loan types
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PENNSYLVANIA HOUSING FINANCE AGENCY
KHL limits: Some surrounding counties:
County Purchase Price Limit
1& 2 Member Households
3 or more Member Households
Philadelphia (T) $433,500 $104,800 $122,300
Dauphin $271,100 $75,200 $86,400
Lancaster $271,000 $74,000 $85,100
Allegheny $271,100 $76,000 $87,400
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PENNSYLVANIA HOUSING FINANCE AGENCY
Keystone Government (K-Gov)
Loans insured/guaranteed by FHA, VA or RD Borrower must have a FICO score of at least 620 Maximum DTI 45% No PHFA specific limits No PHFA first time homebuyer requirements Borrower must contribute the lesser of 1% or $1,000 of
their own funds (FHA loans only) One or two unit dwellings, condos or manufactured homes Offers downpayment and CCA for all loan types
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PENNSYLVANIA HOUSING FINANCE AGENCY
Assistance Programs
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PENNSYLVANIA HOUSING FINANCE AGENCY
Keystone Advantage Assistance
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PENNSYLVANIA HOUSING FINANCE AGENCY
Keystone Advantage Assistance Loan
Downpayment and/or closing cost assistance for eligible homebuyers
Maximum financing Conventional, FHA,VA,RD
Existing homes: 4% of purchase price, capped at $6,000 Newly- constructed: up to $6,000 Each borrower must have minimum FICO of 660 Homebuyer education is required regardless of FICO score 0% interest rate amortized over 10 year term Assistance funding is based on need determined by the
lender
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PENNSYLVANIA HOUSING FINANCE AGENCY
For Persons with Disabilities
Access Modification Loans
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PENNSYLVANIA HOUSING FINANCE AGENCY
Access Home Modification Loan
With any PHFA home purchase program Conventional, FHA or RD $1,000 to $10,000 soft/silent subordinate
mortgage Repayment is not required as long as buyer
occupies home Modifications to be completed within 90 days of
closing
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PENNSYLVANIA HOUSING FINANCE AGENCY
Access Downpayment &CCA
Used with a PHFA first AND a PHFA Access Home Modification Loan
Household income can’t exceed $54,800 $1,000 to $15,000 Subordinate loan Borrowers must need maximum financing (may
not have more than 3-5% down)
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PENNSYLVANIA HOUSING FINANCE AGENCY
Repair Program Options
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PENNSYLVANIA HOUSING FINANCE AGENCY
Purchase & Improvement
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PENNSYLVANIA HOUSING FINANCE AGENCY
Eligible Repairs & Improvements
Purchase & Improvement Program Borrower can make repairs in the same mortgage
transaction up to $15,000 The maximum mortgage amount cannot exceed 97%
of the total acquisition cost or the “as completed” appraised value
All repairs, alterations and improvements must be completed within 90 days
Repairs can include new windows, heating units, kitchen or bathroom upgrades, etc.
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PENNSYLVANIA HOUSING FINANCE AGENCY
HomeStyle Renovation
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PENNSYLVANIA HOUSING FINANCE AGENCY
Eligible Repairs & Improvements
The renovation loan allows eligible borrowers to make renovations, repairs, or improvements to an existing home. The total cost of the renovations cannot exceed 75% of as completed value after renovations.
Eligible repairs, alterations and/or improvements must be permanently affixed to the property and add value.
Acceptable uses for home improvements: Roof Repair/Replacement Installation or improvement of heating or air conditioning systems Renovation to kitchen/bathroom Plumbing/ Electric Systems Room Addition
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PENNSYLVANIA HOUSING FINANCE AGENCY
Unacceptable Repairs/Improvements
Swimming Pools Tennis Courts Hot Tubs Jacuzzis Saunas
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PENNSYLVANIA HOUSING FINANCE AGENCY
Program Eligibility
Available only with the HFA PreferredTM and HFA Preferred Risk SharingTM programs. Purchase or refinance (LCOR) Must meet HFA income limits (Appendix B) Max LTV 97%, Max CLTV 105% Maximum DTI 50% Borrowers must have a FICO of at least 620 Can not be combined with: Keystone Home Loan Keystone Government (K-GOV)
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PENNSYLVANIA HOUSING FINANCE AGENCY
Homebuyer Education
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PENNSYLVANIA HOUSING FINANCE AGENCY
Homebuyer Education
Counseling is FREE! PHFA has a network of homeownership counseling
agencies throughout the state Listed by county at www.phfa.org
Homebuyer counseling is available to any PHFA borrower who would like to attend Required for all those with FICO < 680
PHFA Online Homebuyer course available
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PENNSYLVANIA HOUSING FINANCE AGENCY
Employer Assisted Housing Initiative
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PENNSYLVANIA HOUSING FINANCE AGENCY
PHFA’s EAH Goal
To encourage employers to offer a monetary employee benefit of at least $500 to promote
and enable homeownership for their staff
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PENNSYLVANIA HOUSING FINANCE AGENCY
EAH: Employer Assisted Housing
If an EAH employee is approved for a PHFA mortgage, through one of our participating
lenders, the borrower will receive substantial financial advantages!
The employer must be registered as a
“PHFA EAH EMPLOYER”
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PENNSYLVANIA HOUSING FINANCE AGENCY
Their home buying dollar with Employer Assisted Housing
(EAH)
Eligible employees may receive up to $8,000 with the Keystone Advantage Loan for
downpayment and closing cost assistance
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PENNSYLVANIA HOUSING FINANCE AGENCY
What does PHFA offer?
PHFA borrowers utilizing at least $500 in EAH funds from their employer get up to $8,000 in down payment and closing cost assistance from PHFA! Standard amount is the lesser of 4% of sales price up to
$6,000 PHFA/EAH borrowers are eligible for up to $8,000 with no %
cap May be used with our Keystone Advantage Assistance
program May also be combined with PHFA’s mortgage tax credit!
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PENNSYLVANIA HOUSING FINANCE AGENCY
PHFA EAH Stats
Fifty employers Purchased 241 loans worth over 28.9 million High producing markets include Philadelphia,
Lancaster, Cumberland and Dauphin Average age of our borrowers: 30 years old
and younger followed by 55+
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PENNSYLVANIA HOUSING FINANCE AGENCY
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PENNSYLVANIA HOUSING FINANCE AGENCY
Contact us for Training Opportunities
Informational sessions Lunch and learns Partnership information Justin Eden, Business Development Officer [email protected] 717.780.1857 Brooke Proctor, Business Development Officer [email protected] 717.780.4339
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PENNSYLVANIA HOUSING FINANCE AGENCY
www.phfa.org
Homeownership Professional Line 717.780.3871
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THANK YOU FOR ATTENDING
www.phfa.org
PENNSYLVANIA HOUSING FINANCE AGENCY
5/8/19