For homebuyers who need assistance with closing and down payment costs, the Pennsylvania Housing Finance Agency offers the Keystone Forgivable in Ten Years Loan Program, also known as K-FIT.
K-FIT is a down payment and closing cost assistance that costs consumers nothing and is forgiven over a 10-year period. Clients may receive 5% of the lesser of the purchase price or appraised value with no maximum dollar amount. K-FIT can be paired with the Keystone Home Loan and Keystone Flex Loan Program for homebuyers, allowing them to access additional funding.
PHFA’s Keystone Advantage Assistance Loan Program offers a 0% interest rate for down payment and closing cost assistance and it pairs with three of PHFA’s first mortgage programs (Keystone Home Loan, HFA Preferred™ and Keystone Government).
Additionally, PHFA has options for those with disabilities. The Access Modification Loan helps your clients with home repairs and modifications to make their new home more accessible for persons with disabilities who will be living in the home. Paired with the Access Down Payment and Closing Cost Assistance, eligible borrowers may receive up to $15,000 for down payment and closing cost assistance.
PHFA has been offering consumers affordable housing in Pennsylvania for the past 50 years. “Time and again, PHFA has responded to changes in the housing marketplace with innovative and essential programs to address pressing needs, like offering affordable home loans that include down payment and closing cost assistance,” said former Gov. Tom Wolf. “Anytime people need help with housing, PHFA should be the first place they go to take advantage of its many housing programs.”
The PHFA’s website offers a variety of information on all their available loans for homebuyers.