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:
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K-FIT second loan is forgiven at 10% a year over 10 years.
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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).
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May only be used with the Keystone Home Loan program. Includes Conventional, FHA, USDA and VA loan types.
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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.