This all-inclusive portal allows you to register, submit, and process loans, or view the Resources section for guided tutorials and more. Changes to the FHA Appraisal Guidelines in 2023. These additional mortgages will NOT be factored into maximum loan-to-value financing limitations. PHFA offers this program through a network of approved participating lenders, with PHFA as the servicer. Subject to credit approval and restrictions.). One area where FHA appraisal rules are specific has to do with the nature of a property that is served by a shared well. The K-FIT loan Program may be used on Conventional, FHA, VA or RD loans. It was signed into law on February 14, 2008. Getting to know your neighbors will provide you with a sense of community and security. You may be eligible for a Keystone Flex with K-FIT Loan if you meet the following conditions: PHFA's Keystone Flex Purchase & Improvement with K-FIT loan allows buyers to purchase, improve/repair a home and down payment and closing cost assistance in one transaction. Removal of refinanced or modified balloon loan policies: removing all references to refinanced or modified balloon loans from the Selling Guide. Please enable JavaScript in your browser settings then reload/refresh this page. A participating lender or PHFA network counseling agency can help you determine how much of a home you can afford, as well as any credit issues you may need to work on. It offers a zero-interest loan between $1,000 and $10,000 in conjunction with a PHFA Keystone Home Loan or Keystone Government Loan. If we have a local HEELP Loan Provider in your area we will refer you there. Every day the week of Feb.27 thru Mar. Additionally, PHFA is happy to provide participating lenders with PowerPoint presentations for marketing and internal training purposes. Refer to. Application available soon for Housing Options Grant Program. interests at heart. This program provides a deferred payment loan, with no interest, and no monthly payment. Please enable JavaScript in your browser settings then reload/refresh this page. You have sufficient funds for a downpayment on your prospective home. It is up to the buyer to provide the lender with a written request detailing the required improvements/repairs to be completed, along with the estimates, specs, contracts, etc., from a qualified and licensed contractor(s). All applications are required to be submitted with attachments or supporting documentation. Twitter An FHA appraisal is valid for 120 days. FHFA's regulated entities - Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System - have an important leadership role to play in addressing this issue. The minimum downpayment is determined by your credit profile, as specified above. 280.00 - 325.00 Initial Fee. Borrowers must be PA residents seeking to improve their primary residence which meets program requirements. Facebook This program provides a second mortgage loan to help buyers supplement the costs of homeownership. TAB 28 - Attorney's Opinion for Acquisition Tax Credit: Attorneys Opinion for Acquisition Tax Credits, Nonprofit Certification NOT Previously Approved by PHFA, Nonprofit Certification Previously Approved by PHFA. PHFA also offers homebuyers the opportunity to receive homebuyer counseling and education free of charge through one of its approved counseling agencies. Documentation: applicants must gather and provide for lender and PHFA review, all income and credit information, applicable permits, project specifications, connection fees for sewer connections, or, if you are replacing or repairing an on-lot septic system, verification from your local municipality that a wastewater disposal system neither exists nor is planned in the next five years. This conventional loan will be based on the lesser of the total acquisition cost or the as completed appraised value. Signing Agent Jobs (https://signingagentjobs.com) is seeking for someone to fill the position of a Mortgage Processor to work remotely in the U.S. only. Otherwise, you will not be able to visit other pages using the navigation "menu" bar or have access to other content throughout the site. Additional information supporting the loan application may also be requested. Facebook x;0D$|* Financeable Project Costs: system design charges, construction fees and costs, inspection, and permit fees, connection fees (also known as "tap-in fees"), and most loan origination fees. 'zSD7t+ V#kf$E'c vM0q(=8Pk#7eqDI9bP$xbv"zyo% s,(VP[qEa:zh-3/~c_B~jOl)_bT%7On*I\ 9ks"(Fj\5]-^l3+v[mbshp[4Cr/9u5c4 !z]5xm-rnp6U15P>C},^\%Awp{JDH[oAX2',!VEW":ppkN! fs{NL$6kk. The PHFA offers a lot of loan and down payment assistance programs, but you also have additional resources to consider.. Minnesota's most comprehensive site for first time home buyers! ; Include the actual maximum amount that can be charged (not estimated amount); Include a release of lien clause to maintain clear title; State that the contractor agrees to complete the work in compliance with all applicable building codes and zoning restrictions Tax assessments and market analyses by real estate brokers are not acceptable proof of LTV compliance. At a minimum, the appraiser must complete the following steps: Visually inspect the subject property both inside and out. Terms up to 20 years (up to 15 years for manufactured homes). Any material deficiency in the application, particularly the omission of documentation relating to the site, a market study/needs assessment, and verification of funding sources may result in the immediate rejection of the application. The exhibits will be published in a forthcoming amendment to 2-FLP. Furthermore, the final ranking score, as determined by the Agency, is based only upon the information contained in the initial application. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit and similar liquid accounts. Holly needed a home loan that would work with her budget, Julie wanted a home that offered her boys stability, Linda wanted her family to experience the benefits of homeownership, Marcus and Michelle wanted a home for their young family, Newlywed Couple Puts Down Roots in a Small Pennsylvania Town, Owning a home has made all the difference, PHFA helps long time renters become first time homeowners, The Michaels family wanted a home in which to raise their children, Assistance from PHFA helped David and Amy avoid foreclosure, Coming back from the brink of foreclosure, PHFA was able to help save the Marcellus home during job losses, Homebuyer counseling helped Ejetta on her path to homeownership, Housing counselor Rita helped Katherine get a needed home loan modification, Nikki has a passion for helping others through counseling, She did her homework to become a homeowner, When Regis lost his job as a chef, housing counseling helped him save his home, Alfred wanted senior housing he could afford, An affordable apartment turns hardship into happiness, Funding from PHFA helped provide rental housing that worked for lifelong friends Jane and Betty, Nilda needed an apartment within her budget so she could continue to care for her adult daughter, Yvonne wanted rental housing to enjoy her retirement and her grandchildren, A community gets financial help to convert a historic building into a popular Civil War museum, Bakery Square in Pittsburgh makes the shift from bakery to high-tech office center, Harrisburg's Hamilton Health Center builds a new home to better support its mission, New ArtsQuest facility helps spur Bethlehem's renaissance. A PHFA approved homebuyer education provider or participating lender can help you decide. The lender should select HomeStyle on the top of the 51 Pre-Closing Package Checklist - PURCHASE. endstream endobj 6, No. However, loan closings may be delayed, potentially significantly, by slow responses from applicants and contractors, and higher-than-expected application volume. All programs offer a fixed interest rate for 30 years. Newsletter Subscribe US Postal Deliveries: PO Box 8029 . Target counties are indicated by a "T" in the listing of, The gross annual household income for all adults that intend to occupy the home within one year from loan closing does not exceed the, The purchase price of your prospective home does not exceed the. You should not rely on the lender to determine if and what kind of access modifications would be right for you. This allows buyers to make needed repairs right away, without having to take out another loan at a higher rate and with a shorter repayment period. If you meet the conditions above, contact a PHFA participating lender to start your mortgage application. Work Experience: Knowledge of financial matters and previous office . Applicants must meet the requirements of the ACCESS Home Modification program which are listed below: Home modifications should be designed to meet the needs of the person with the physical disability who will be residing in the home. HOMEstead funds may provide the remainder of the downpayment and the closing costs. brokers throughout the state that will process and close the loans. TAB 10 - SHPO & Historic Preservation Documentation: SHPO & Historic Preservation Documentation, 02 - Supportive Services Plan Outline and Questionnaire, Accessible Unit Policy (updated August 2022), Lease Addendum Pertaining To Occupancy of Accessible Unit. 225.00 Renewal Fee. Check with a PHFA participating lender to determine the specific costs. Pennsylvania Licensure Requirements. Underwriting Guidelines Standard Program 2 Radian Underwriting Guidelines by Fannie Mae/Freddie Mac and maintained by the lender, and have a minimum FICO Any guideline not specifically covered in this document can be located in the Fannie Mae Selling Guide Follow DU or Fannie Mae Manual Underwriting guidelines The appraisal must indicate property meets FHA requirements. You have sufficient funds for a downpayment on your prospective home. Web training includes basic and advanced lender training program. Note: A current residential appraisal must be used to determine LTV compliance. Choose a topic that best describes your interest then select the "FIND IT" button. The funds for the modification(s) will be held in escrow when you close on your home. The network of lenders and brokers is a vital part of PHFA's homeownership program, ensuring that all buyers in Pennsylvania have access to PHFA's home purchase loans. Implementation Guidelines (the Guidelines). Act of Feb. 14, 2008, P.L. For the Keystone Flex Purchase and Improvement with K-FIT, eligible buyers may include up to $30,000 for repairs and/or improvements. Acceptable credit history and the ability to make monthly payments on the home are required. The Agency may make exceptions to these limits. You are not required to be a first-time homebuyer. it may be picked daily themed crossword Please call PHFA at 855.827.3466 to ask questions about your specific situation. You may be eligible for a Keystone Home Loan if you meet the following six conditions: Conventional insured loans: These loans are insured by the Pennsylvania Housing Insurance Fund (PHIF) and requires a borrower to have a 3 percent (3%) to 5 percent (5%) minimum investment. Or, you may find a home that would suit your needs if certain modifications were madethis is when PHFA's Access Home Modification Program can help. PHFA does not handle the mortgage application process. Borrowers are required to put down at least $1,000 from their own funds. In addition to the Keystone Government first mortgage, some applicants may qualify for downpayment and/or closing cost assistance through the Keystone Advantage Assistance Loan. Two unit dwellings deeded as one property are eligible unless the residence is a manufactured home, then one unit only. The buyer must sign the Purchase/Improvement Program Acknowledgment at the time of application. Program requirements and funding availability are determined by the US Department of Housing and Urban Development as set forth in the HOME Investment Partnership Program and the American Dream Downpayment Initiative. your lifetime. The borrower may have an ownership interest in another residential dwelling at the time of loan closing. Twitter security services in los angeles. ACCESS Home Modification loans are available in addition to any downpayment and/or closing cost assistance or HOMEstead funds for which the applicants may qualify. Flickr. All applicable FHA, VA or RD loan underwriting requirements apply, including loan to value and downpayment requirements. A contract, signed by the applicant and the contractor, is required before the lender can send the loan package to PHFA for final approval. You may be eligible for a Keystone Flex Purchase & Improvement with K-FIT Loan if you meet the following conditions: Contact Us The elevation certificate must document that the lowest floor including the basement of the residential building, and all related improvements/equipment essential to the value of the Property, is built at or above the 100-year flood elevation in compliance with the NFIP criteria, and insurance under the NFIP is obtained." An Employer Assisted Housing program benefits everyone; the employee, the employer and the local communities. It is important that an Applicant reads and understands how these guidelines and exhibits impact their application. PHFA staff may also be available to conduct on-site training at the location of current participating lenders or at REALTOR offices, upon request. Assistance can only be used for the minimum required downpayment and/or closing costs. * ALERT! The lender should write Purchase Improvement Program on the top of the 51 Pre-Closing Package Checklist - PURCHASE, the credit/pre-compliance package checklist. Eligible borrowers may be able to receive a 30-day extension. In addition to the PHFA first mortgage, some applicants may qualify for downpayment and/or closing cost through one of our many assistance programs. This must be supported by specifications, drawings, photos, etc. q,)YG}Rx[f_7mIM=Sv%? PHFA HOMEstead funding is therefore allocated to eligible homebuyers on a first-come, first-served basis. This role works under limited supervision of work, and . Vacating a jointly owned property The ACCESS Home Modification Program provides mortgage loans to assist persons with disabilities or who have a family member(s) living in the household with disabilities who are purchasing a home that needs accessibility modifications. RTKL - Page 1 of 36 Pennsylvania's Right-to-Know Law was introduced as Senate Bill 1 of the 2007-08 legislative session by Senator Dominic Pileggi. ACCESS mortgage loans are interest free and have no fees. Applicants must be homebuyers who are persons with a permanent disability or have a family member(s) living in the household with a permanent disability who are purchasing a new or existing home with a loan originated through one of the Agency's homeownership loan programs. PHFA also offers homebuyers the opportunity to receive homebuyer counseling and education through one of its approved counseling agencies. Click to See the Latest Mortgage Rates. The Keystone Forgivable in Ten Years Loan Program (K-FIT) can be used in conjunction with the following PHFA first mortgage home purchase loan programs: Buyers must meet the requirements of the applicable PHFA first mortgage program, and must also meet the requirements associated with the Keystone Forgivable in Ten Years Loan Program (K-FIT) which are listed below: The Pennsylvania Housing Finance Agency (PHFA) offers home loans with competitive interest rates and fees through any of the Agency's first mortgage home purchase loan programs (i.e., Keystone Home Loan, Keystone Government Loan, HFA Preferred(Lo MI), HFA Preferred Risk Sharing(No MI)). Applicants may apply for any of the Agency's, Applicants must meet the underwriting guidelines for the first mortgage program in which they are applying. UM 44d. Mortgage Processor. Common modifications include the addition or repair of an entrance ramp, widening of doors and hallways, installation of grab bars and handrails, bathroom and/or kitchen modifications, and the installation of lifting devices. All applicable FHA, VA or RD loan underwriting requirements apply, including loan to value and downpayment requirements. 717.780.3948 or 717.780.3876 . Program highlights are summarized below. New participating lenders receive web or onsite training at their office or designated location. TAB 35 - Preservation Set-Aside Preference: TAB 37 - Statement of Qualification under Request for Proposals: Statement of Qualification under Request for Proposals. That is up to you. The Guidelines may be subject to change, pending developments in federal and state legislative requirements and/or OHFA policy. JavaScript is turned off in your browser. Flickr, If you are not a Homeownership Professional, please go to the ", You skipped to and are entering the secondary navigation menu, You skipped to and are entering the main content, G. PHIF Guidelines, Pricing, and Procedures, J. As stated above, the FHA appraisal rules require such systems to be acceptable to the local authority. 50th Anniversary PHFA celebrates 50 years of creating affordable housing in Pennsylvania! The first mortgage is paired with K-FIT which provides assistance toward downpayment and/or closing costs for eligible homebuyers in the form of a forgivable second mortgage. Homebuyers eligible for the HOMEstead program may qualify for up to JavaScript is turned off in your browser. A person who holds a certificate issued under authority of the Real Estate . FHA Streamline Without Appraisal If you do an FHA Streamline Refinance without an appraisal you are not able to roll your closing costs into the loan. Join to apply for the Property Manager role at Delaware County Housing AuthorityProperty Manager role at Delaware County Housing Authority The loans and servicing rights are then purchased by the Agency following settlement. The Keystone Advantage Assistance Loan Program provides a second mortgage loan to help with the costs associated with the purchase of a home. HOMEstead borrowers must meet the minimum downpayment requirement based on whoever is insuring or guaranteeing the loan. The applicant is to provide the lender with a proposal completed by a general contractor of choice, detailing the modification improvements that will be needed to make the home accessible. The Keystone Government Loan program does not have income or purchase price limits, as well as not having a first time homebuyer requirement. It has several programs, one of which is down payment assistance for homebuyers in Pennsylvania. 9288 0 obj <]>>stream Newsletter Subscribe Log in Why choose U.S. Bank as your Correspondent or HFA lender? updated comparable sales requirements for the appraisal. The new guidelines are designed to increase the number of low and moderate-income borrowers who have a lower credit score and cannot qualify for a conventional mortgage. Looking for events? As in all PHFA homeownership programs, loans are made by a local participating lender, not by the Agency itself. The FHA and HUD have announced an important update to FHA appraisal rules effective July 12, 2022, and beyond. He must inspect the property for health-and-safety issues, as well as determining the market value. All repairs must be completed by a qualified and licensed contractor. It is important that an Applicant reads and understands how these guidelines and exhibits impact their application. United States. The PHFA Grant of $500 does not require repayment and must be used towards the purchase of the home. Visit the Multifamily Application / Intent to Submit Online Submission Website. Lien Position: the PENNVEST loan must be in first or second lien position unless the loan amount is less than $7,500 OR the existing first and second liens were originated at purchase for the purpose of buying the home. The lender will submit a signed Contractor Profile Report provided by the participating lender with specs, contract(s), etc., to PHFA when they submit the pre-closing package. With such affordable payments, now you can make those much needed energy efficiency repairs. The contract must contain the following items: It is up to the buyer to provide the lender with a written request detailing the required improvements/repairs to be completed, along with the estimates, specs, contracts, etc., from a qualified and licensed contractor(s). Be signed by you and a contractor registered with the. YouTube Locate an approved HEELP contractor in your area. Show more Show less Employment type Full-time . K-FIT provides eligible homebuyers with five percent (5%) of the lesser of the purchase price or appraised value with no maximum dollar limit. The standards includes the backing material . If you think you might be eligible for a PHFA home loan (with or without any additional assistance loans), contact a You have average - good credit scores and credit history. The lender is responsible for reviewing the borrowers written request and specs, contracts, etc., to determine the credibility and legitimacy of the proposed repairs and/or improvements, and to ensure the contract contains all the necessary items as listed above under the section titled The Contract.