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. 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). Also, those loan types may have additional eligibility requirements regarding the buyer and/or the property. Title Insurance Companies Acceptable to PHFA for the Mortgage Revenue Bond Programs, 04 Recapture Tax Notice (Locks made on or after 8/1/2022), 05 Affordable Housing Assistance Program Checklist, 27 New Loan Tax and Insurance Information Sheet, 29 List of Authorized Officers and Underwriting Personnel, 30 Final Document Submission Cover Letter, 48 Purchase & Improvement - Access Mod Acknowledgement, 49 Request for Payments and Completion Certification, 50 Requirements and Guidance for PHFA Home Improvement Loans, 51 Pre-Closing Package Checklist - PURCHASE, 51R Pre-Closing Package Checklist - REFINANCE, 54 Subordinate Note (Access DP & Access MOD), 54ADV Keystone ADVANTAGE Loan Subordinate Note, 55 Subordinate Mortgage (Access DP & Access MOD), 55ADV Keystone ADVANTAGE Loan Subordinate Mortgage, 57ADV Keystone Advantage Closing Disclosure, 66 Borrower's Authorization to Release Information, 67 Authorization Agreement for Automatic Withdrawal Payments, 70 Warehouse Lender ACH Information (if PHFA is to fund a warehouse lender), 71 Authorization Request for Escrowed Mortgage Payments, 02 MCC Homebuyer Fact Sheet (Hoja informativa para compradores de vivienda de MCC), 03 Mortgagor's Affidavit (Declaracin Jurada de Hipoteca), 08 Divorce Applicant Affidavit (Declaracin Jurada del Solicitante de Divorcio), 11 Gift Affidavit (Declaracin jurada de regalo), 17 Buyer's Statement/Source of Funds (Declaracin del comprador/Fuente de fondos), 19 Addendum to Note/Construction Loan (Addendum para/Notar prstamo de construccin), 21 Co-Signer's Certification (Certificacin del co-firmante), 28 Hello/Goodbye Letter (Hola/Adis carta), 40 Note/Mortgage Modification Agreement (Nota / Acuerdo de modificacin hipotecaria), 48 Purchase & Improvement-Access Mod (Reconocimiento de compra, mejora o modificacin), 49 Request for Payments & Completion (Solicitud de pagos y certificado de finalizacin), 50 Requirements and Guidance for PHFA Home Improvement Loans (Requisitos y orientacin), 54 Subordinate Truth In Lending and Note (Access MOD), Access Modification/ Access Down payment CCA (Eligible w/ all PHFA programs), Keystone Flex Purchase & Improvement w/ KFIT, 2021-02-04 Quarterly Program Update, 1st Quarter, 2021-02-10 Interim Program Update: K-FIT Launch Date, 2021-03-10 Interim Program Update: PHFA Grant of $500, 2021-11-12 Quarterly Program Update, 4th Quarter, 2022-02-28 Quarterly Program Update, 1st Quarter, 2022-04-04 Quarterly Program Update, KFLEX Facts, 2022-06-06 Quarterly Program Update, 2nd Quarter, 2022-08-16 Quarterly Program Update, 3rd Quarter, 2023-02-03 Quarterly Program Update, 1st Quarter, 09 Notice of Credit Denial, Termination or Change, 10 HOMEstead's Check List (Aide for Compliance Submission), Regional Training March 14, 2023: Monroeville, Regional Training March 15, 2023: Harrisburg, Regional Training March 21, 2023: Williamsport, Regional Training March 22, 2023: Plymouth Meeting. First time buyers may also be eligible for up to $10,000 in a no interest downpayment and closing cost assistance loan through the HOMEstead Program. buying process. National first-time home buyer programs. all maps fatal bullet; who is running for senate in maryland 2022 Facebook Loans usually take 30-45 days to close. Flickr, You skipped to and are entering the secondary navigation menu, You skipped to and are entering the main content. The lender is responsible for reviewing the borrower 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. Generally, you should plan to use no more than 30 percent (30 %) of your income for your monthly mortgage payment. Buyers who want to make access modifications but don't qualify for a loan through Keystone Home Loan may be able to combine the Keystone Government Loan with PHFA Access Modification assistance. This role works under limited supervision of work, and . Flickr. Join to apply for the Property Manager role at Delaware County Housing AuthorityProperty Manager role at Delaware County Housing Authority The lender should select HomeStyle on the top of the 51 Pre-Closing Package Checklist - PURCHASE. 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 program that is best for you will depend on your specific circumstances, such as your credit history and amount of cash savings, as well as your individual preferences. An initial draw in an amount up to 50 percent of the total repair cost may be issued at closing. For homes built prior to 1978 where the modifications may disturb painted surfaces, the borrower cannot use HOMEstead assistance but may use the ACCESS assistance if needed and if eligible. ACCESS mortgage loans are interest free and have no fees. He must inspect the property for health-and-safety issues, as well as determining the market value. All applicable FHA, VA or RD loan underwriting requirements apply, including loan to value and downpayment requirements. These requirements are outlined in HUD Handbook 4000.1, also known as the Single Family Housing Policy Handbook. We strongly encourage you to seek the assistance of a counselor before you sign a sales agreement, especially if you are a first-time buyer. TAB 33 - Financing & Regulatory Documents: TAB 34 - Project Capital Needs Assessment / Energy Audit: Project Capital Needs Assessment / Energy Audit. (For a representative $10,000 loan with $0 financing charge. He lives in an affordable apartment renovated with the help of PHFA. Please enable JavaScript in your browser settings then reload/refresh this page. Please call PHFA at 855.827.3466 to ask questions about your specific situation. There are no income or purchase price limits specific to PHFA; however, the FHA and VA maximum loan limits still apply, as do the RD income limits. You have sufficient funds to pay standard mortgage application and closing fees. and maintenance items. The Pennsylvania Housing Finance Agency is pleased to offer an Employer Assisted Housing (EAH) Initiative to help address the issues regarding the lack of affordable housing for low- to moderate-income workers. You have enough money to make a down payment of 3% - 5%. Funds from retirement accounts such as 401(k)s, IRAs and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired. This assistance may be used with or without the modification program, but the property must meet HUDs Housing Quality Standards, and there are maximum income and purchase price limits depending on the county in which the home is located. Please refer to the "As-Is" Appraisal Requirements for appraisal methodology. UD }//U_'&Q$qB DN''MO#=qw[1>>BSc}>=$Np#Y'6;z5~Mo The home improvement must be permanently affixed to the property and add value to the home. security services in los angeles. Borrowers obtaining the HFA Preferred loan may qualify to receive a PHFA Grant of $500 to be applied towards downpayment and closing costs. Application available soon for Housing Options Grant Program. Contact Us The 2017 workshop revealed that industry challenges in the procurement of appraisal services, 20 percent per year over five years for all loans closed on or after January 1, 2007. The K-FIT Loan Program may not be combined with any other PHFA assistance program, except for the. Keystone Advantage Assistance loans may be used on Conventional, FHA, VA or RD loans. 12 Exceptions that institutions may find the most useful during the COVID-19 emergency for real-estate related financial transactions include: The transaction is a residential real estate transaction with a transaction value of less It has several programs, one of which is down payment assistance for homebuyers in Pennsylvania. K-FIT provides eligible homebuyers with five percent (5%) of the lesser of the purchase price or appraised value with no maximum dollar limit. Twitter The loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property. 1 Examination. He must determine the market value of the house being purchased, and must also evaluate the property to ensure that it meets HUD's minimum guidelines.. The Pennsylvania Housing Finance Agency (PHFA or the Agency) offers home purchase loans with competitive interest rates and lower fees. (See: FHA appraisal guidelines and process) So, how long does the FHA appraisal process take? %PDF-1.5 % Call us at 800-200-5881 and choose option 1. The lender will submit a signed Purchase/Improvement Program Acknowledgment with specs, contract(s), etc., to PHFA when they submit the pre-closing package. PHFA also offers homebuyers the opportunity to receive homebuyer counseling and education free of charge through one of its approved counseling agencies. The minimum downpayment is determined by your credit profile, as specified above. 1004 appraisal - required on all properties. Pennsylvania Housing Finance Agency (PHFA): The PHFA offers homebuyer programs to help alleviate the financial burden on potential homeowners. The FHA appraisal process typically takes the same amount of time as a conventional mortgage. Applicants are responsible for determining what accessible modifications are required. Applicants can also qualify for an FHA loan if they have a credit score above 580. (LIHTC), and PHFA rules and regulations. According to the 2021 FHA appraisal guidelines, all properties being purchased with an FHA-insured mortgage loan must be appraised by a licensed, HUD-approved home appraiser. These requirements are explained in the Multifamily Housing Application Instructions. He lives in an affordable apartment renovated with the help of PHFA. '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 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)). The improvements must be completed within 90 days of the closing. Show more Show less Employment type Full-time . Refer to. In addition to the PHFA first mortgage, some applicants may qualify for downpayment and/or closing cost through one of our many assistance programs. Twitter Pennsylvania Housing Finance Agency . Supplemental information related to safe-and-sound banking operations. The PHFA Grant can be used in conjunction with the following PHFA first mortgage home purchase loan programs: Eligible borrowers may also combine the PHFA Grant of $500 with the Keystone Advantage Assistance Loan Program. Below you'll find a basic overview of FHA inspection requirements for termites and other wood-destroying insects. TAB 39 - Letter Outlining Bond Financing Strategies: Letter Outlining Bond Financing Strategies. Contact Us Please enable JavaScript in your browser settings then reload/refresh this page. A maximum of two inspections with a charge not to exceed $75 each may be ordered by the lender. 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. Jan 27 2023: PHFA takes PAHAF program in-house. The Keystone Advantage Assistance Loan Program provides a second mortgage loan to help with the costs associated with the purchase of a home. using the guidelines of the respective federal agency (FHA, RD, Eligible modification items may include, but are not limited to the following. You have an acceptable credit history and the ability to make monthly payments on the home you expect to buy. updated comparable sales requirements for the appraisal. 680 is required to complete a course prior to closing on their loan. Every day the week of Feb.27 thru Mar. An initial draw in an amount up to 25 percent of the total repair cost may be issued at closing. You may be eligible for a Keystone Flex Purchase & Improvement with K-FIT Loan if you meet the following conditions: Contact Us The Multifamily Housing Application is the form portion of the application that is used for all rental housing programs. Click to See the Latest Mortgage Rates. This program is also covered in Chapter 3 of the Seller's Guide. Significant role in acquiring HUD Eagles for two companies including test cases through five HOC. PHFA will underwrite your application and let you know if you are approved. HOMEstead funds are forgiven at If you will be making modifications to the home, you will need to provide the lender with a contract for the modifications. and to obtain the necessary permits and a certificate of completion within 90 days of your closing date. This loan provides buyers with a conventional PHFA first mortgage with funds up to $30,000 to make eligible repairs and improvements to the home. You have enough money to make a down payment of 3% 5%. You have sufficient funds for a downpayment on your prospective home. The Pennsylvania Housing Finance Agency offers the HomeStyle Renovation program which allows eligible homebuyers purchasing a home or existing homeowners seeking a refinance mortgage to repair, remodel, renovate or complete energy improvements. Loans will be secured by a mortgage on the borrower's home. Requirements. Additional financing of up to 4% of the sales price is available as a second loan (no interest, 10-year term) Mortgage Insurance is required This all-inclusive portal allows you to register, submit, and process loans, or view the Resources section for guided tutorials and more. Facebook Also, the lender will ensure that the funding of any additional costs do not jeopardize the buyers debt to income ratios or PHFA's lien position, nor do they cause the purchase price limit to be exceeded. Harrisburg, PA 17101 . Newsletter Subscribe Visit the Document Center on our borrower website to access your tax records. Otherwise, you will not be able to visit other pages using the navigation "menu" bar or have access to other content throughout the site. 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. Seller's Guide - Pennsylvania Housing Finance Agency (PHFA) Log in Why choose U.S. Bank as your Correspondent or HFA lender? The amount of the downpayment differs according to the loan type as listed below. The Agency may make exceptions to these limits. PHFA Grant Keystone Advantage Assistance Loan Program Mortgage Processor. If not, the borrower must pay the loan down to 75% LTV or less. The loans and servicing rights are then purchased by the Agency following settlement. The K-FIT loan Program may be used on Conventional, FHA, VA or RD loans. 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. Generally, you should plan to use no more than 30 percent (30 %) of your income for your monthly mortgage payment. 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. This program may be combined with PHFA's Keystone Advantage Assistance Loan, as applicable. Check with a PHFA participating lender to determine the specific costs. You have average - good credit scores and credit history. PHFA Appraisal Review Sheet. FHA loans: These loans are insured by the Federal Housing Administration (FHA) and require a borrower to have a 3.5 percent (3.5 %) minimum investment. JavaScript is turned off in your browser. You should not rely on the lender to determine if and what kind of access modifications would be right for you. This web site requires JavaScript to function properly. 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. If you do not see your contractor on the list, have the company apply to become an approved contractor. Homebuyers working for a Participating EAH Employer can receive a Keystone Advantage Assistance Loan of up to $8,000 for downpayment and/or closing cost assistance in the form of an interest free loan amortized over 10 years. 50th Anniversary PHFA celebrates 50 years of creating affordable housing in Pennsylvania! As Little as Zero Down FHA loans require a minimum down payment of 3.5 percent; 10 percent for borrowers with credit scores from 500 to 580. Buyer and seller sign a sales contract Buyer submits the contract to the lender Most Local Centers for Independent Living and Area Agencies on Aging can provide technical assistance in making this determination. A PHFA approved homebuyer education provider or participating lender can help you decide. 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. TAB 38 - Statement of Qualification for Tax Credits: Statement of Qualification for Tax Credits. * ALERT! Unsure of your log in credentials? Pennsylvania Licensure Requirements. no-interest, second mortgage loan. An initial payment in an amount up to 1/3 of the contract amount may be disbursed to the contractor at or after your closing date. YouTube Residential Real Estate Appraiser jobs LinkedIn This product offers a fully amortized 30 year fixed rate term. Here is the general timeline for an FHA home appraisal. Subject to credit approval and restrictions.). If you meet the conditions above, contact a PHFA participating lender to start your mortgage application. 1,500 Hours of Experience. PHFA plans financial education podcasts starting Feb. 27. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit and similar liquid accounts. Unsure if you should apply for HEELP? 3 AN ACT Providing for access to public information, for a . Eliminate worries about your septic system when you sell your home. If the local government (city or municipality) does not require contractors to be licensed, proof of their liability insurance must be supplied and included with the contract. r%?rdd"d:hXPa_cnBsb_b fC{`#L5&cBg )~#kt{oc%oa]231-Ovc]{7>pZHI47!lDtCyo'HnvCiE`,$Y0B%0pi/ Wnty}Fu>(]d;,U)yim{0 LinkedIn Appraisal, LQA, UCD, UCDP SSR A Residence with a C6 or Q6 rating from appraiser is not eligible for a UHC loan. If we have a local HEELP Loan Provider in your area we will refer you there. With the HFA Preferred(Lo MI) loan, mortgage insurance is provided by one of several private mortgage insurance companies when the borrower puts down less than 20 percent (20 %) towards the purchase of the home. The Pennsylvania Housing Finance Agency (PHFA or the Agency) offers home purchase loans with competitive interest rates and lower fees. You will have fewer forms to sign at or before closing. It is important that an Applicant reads and understands how these guidelines and exhibits impact their application. This conventional loan will be based on the lesser of the total acquisition cost or the as completed appraised value. February 15, 2022; letterboxd horrorville; edge detection - matlab . For sewer connections, any area of PA is eligible. A maximum of three inspection fees of up to $75 each may be included in the repair costs. Renovation of plumbing or electric systems, Installation of improved heating or air conditioning systems, Energy conservation and solar energy improvements. 2022 Beckoning-cat.com. Please enable JavaScript in your browser settings then reload/refresh this page. 9283 0 obj <>stream Locate an approved HEELP contractor in your area. The contract must: The appraisal of the home will be based upon the as-is condition of the home. texts to send an aries man Search. An FHA appraisal also has special requirements beyond an assessment of the value. Program highlights are summarized below. Please enable JavaScript in your browser settings then reload/refresh this page. The property evaluation takes place during the FHA home appraisal. It will also help you identify and avoid unscrupulous lenders and contractors that do not have your best Your eligibility is determined by the PHFA participating lender You have enough money to cover the closing costs. Interest rate of 1.75%, up to 2.8% APR as of 1/1/2019. YouTube 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. Otherwise, you will not be able to visit other pages using the navigation "menu" bar or have access to other content throughout the site. US Postal Deliveries: PO Box 8029 . A PHFA approved homebuyer education provider or participating lender can help you decide. Sticking to a sound budget will help you keep up with your mortgage payments and save some funds for future replacement DE, VA SAR/LAPP, PHFA, Conforming Senior Mortgage Underwriter Centennial Lending Group LLC - Mortgage Lending Oct 2017 - Oct 2018 1 year 1 month Homebuyers eligible for the HOMEstead program may qualify for up to No restrictions on household income as of 1/1/2019. The purchase price plus the cost of the repairs (referred to as the total acquisition cost) cannot exceed PHFA's applicable purchase price. interests at heart. HUD Carpet Standards are listed under the HUD/FHA document "Use of Materials Bulletin No. The Federal Housing Finance Agency (FHFA) recognizes that climate change poses a serious threat to the U.S. housing finance system. 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 appraisal guidelines for FHA loans are more strict than for other types of mortgages where a minimum 620 or 640 FICO score . 6, No. This program provides a deferred payment loan, with no interest, and no monthly payment. 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 HOMEstead borrowers must meet the minimum downpayment requirement based on whoever is insuring or guaranteeing the loan. 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.

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