Great news for spring homebuyers! The Pennsylvania Housing Finance Agency (PHFA) has announced a new down payment and closing cost assistance program that will be available beginning March 1, 2021. The Keystone Forgivable in Ten Years Loan Program (K-FIT) will provide qualified buyers with a forgivable no interest, no payment second loan for up to five percent of the purchase price or appraised value of their property (whichever is less) with no maximum dollar limit!
K-FIT Program Features:
K-FIT second loan is forgiven at 10% a year over 10 years.
Provides 5% of the lesser of the purchase price or appraised value with no maximum dollar limit (Example: $250,000 purchase price = $12,500 down payment/closing cost assistance loan).
May only be used with the Keystone Home Loan program. Includes Conventional, FHA, USDA and VA loan types.
Purchase price and income limits apply.
For more information about this exciting new program, contact us.
*Buyer must qualify. Subject to credit approval, purchase price and income limits. Contact us for full program details.