Helping Your Clients Flex Their Financial Muscles

By Kelly Leighton | June 30, 2022 | 2 min. read

The Pennsylvania Housing Finance Agency rolled out their newest product, the Keystone Flex, also known as K-Flex, Loan Program, to assist your client’s homebuying power. Under the K-Flex product line, this program offers the flexibility of three options for borrowers to choose:

  • K-Flex with K-FIT (conventional, FHA, rural development and VA financing).
  • K-Flex Purchase and Improvement with K-FIT (up to $30,000 for repairs with conventional financing only).
  • K-Flex Refinance (Cash out up to $10,000 with conventional, FHA and VA financing).

Because K-Flex offers the flexibility of financing options and K-FIT funds to assist with down payment and/or closing cost assistance, in the form of a forgivable loan, it can be a win-win for the client.

Some facts about the Keystone Flex Loan Program include:

  • The purchase price limit for the K-Flex Loan Program is up to $461,400.
  • Qualifying income for all three loan products is up to $162,000. (Qualifying income includes the income of borrowers on the mortgage loan.)
  • There’s no first-time homebuyer requirement.
  • All borrowers must have a minimum FICO score of 660.

For those who may not be familiar with K-FIT, it is a forgivable second-lien loan, that is forgiven at 10% per year over 10 years. It provides the lesser of 5% of the purchase price or appraised value with no maximum dollar amount. K-FIT funds may be used for down payment and/or closing costs. There are no monthly payments required.

For more information about PHFA’s programs, visit their website.

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