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Pennsylvania Housing Finance Agency - PHFA

PHFA (Pennsylvania Housing Finance Agency) provides affordable housing programs to Pennsylvania residents. PHFA has furnished over $11.2 billion dollars of financing to Pennsylvania residents since its creation in 1972. Several mortgage programs are available for Pennsylvania first time home buyers (and non-first time home buyers who purchase a home in "targeted" counties"). Here are some of the loan programs offered by PHFA:

Keystone Home Loan Program

Keystone Home Loan Program has sales price and income limits. Applicants are required to be first time home buyers; unless, the prospective buyer(s) are buying a house within a “targeted” county and do not have an ownership interest in another residential dwelling at closing.

Phfa logoThe definition of a first time home buyer is someone who has not owned or had title to a principal residence during the last 36 months. There are a few exceptions. Read more

Keystone Government Loan Program

FHA logo USDA logo VA logo

The Keystone Government Loan Program (K-Gov) provides first mortgage financing on FHA, USDA and VA loans. The K-Gov program does not have income or purchase price limits; and no first time homebuyer requirement with this program. Read more

Nice houseHFA Preferred™ & HFA Preferred Risk Sharing™ Loans

The HFA Preferred Risk Sharing™ and HFA Preferred™ loans were developed by the Federal National Mortgage Association (Fannie Mae) for the housing finance agencies (hence, "HFA"). The HFA loans follow the underwriting guidelines of the My Community Mortgage.

The minimum down payment with the HFA Preferred Risk Sharing™ and HFA Preferred™ loans is only 3%. The only difference between the two loans is that the HFA Preferred™ requires mortgage insurance if the home buyer’s down payment is less than 20%. Read more



Keystone Advantage Assistance Loan

Emoticon holding a help wanted signThe Advantage assistance loan is available to buyers eligible for a PHFA government insured first mortgage (FHA, USDA/RD, VA) under either the Keystone Home Loan or Keystone Government Loan programs , as well as the HFA Preferred Risk Sharing and HFA Preferred mortgage programs.

Qualified homebuyers are able to borrow a portion of the funds needed to cover their down payment requirement and/or closing costs associated with the purchase of their home. Read more


PHFA LOAN PROGRAMSKeystone Home  Loan ProgramKeystone Government Loan Program HFA Preferred Risk Sharing™ HFA Preferred™
Loan Type FHA VA USDA Conventional FHA VA USDA Conventional Conventional
Minimum Down Payment 3.50% 0% 0% 20% 3.50% 0% 0% 3% 3%
Mortgage Insurance Yes No Yes No Yes No Yes No Yes
Eligible Properties 1 - 2 Units 1 - 2 Units 1 - 2 Units 1 - 2
Units
1 - 2 Units 1 - 2 Units 1 - 2 Units 1 Units
and Pud's
1 Units
and Pud's
First Time Home Buyer Requirement Yes* Yes* Yes* Yes* No No No No No
Income Limit Yes Yes Yes Yes No No No Yes Yes
Sales Price Limit Yes Yes Yes Yes No No No No No
* The first-time buyer requirement does not apply if the borrower is purchasing in a targeted county or area.