Keystone Government Loan Program

Nice 2-story houseWhat is the Keystone Government Loan Program, and how does it work? Unlike the Keystone home-loan program, the Keystone Government Loan Program (also known as K-Gov) is based on FHA, USDA, or VA (veteran) mortgage financing, and there are:
- No sales price limitations
- No income limitations
- No First Time Home Buyer requirements.

The maximum mortgage and sales price are set by the buyer's income and debt limits, as well as the FHA, VA, and USDA lending programs' standard underwriting requirements.

Non-occupying co-borrowers are allowed on the Keystone Government Loan (FHA) if the co-borrower and applicant satisfy the PHFA's non-occupying co-signer underwriting guidelines.

Owner-occupied homes with one or two units that satisfy the requirements of the FHA, VA, or USDA programs.

The Keystone Advantage Loan Program provides financial assistance to Keystone Advantage home buyers.

The Keystone Advantage Assistance Loan Program with the K-Gov program may help qualified homebuyers with their down payment and/or closing costs.
The Keystone Advantage Assistance Loan Program offers up to 4% of the purchase price or market value as down payment or closing-cost assistance, up to a maximum of $6,000.  Read more

FHA Home-Loan

If you don't have a lot of money, an FHA loan is a great alternative. The FHA financing requires just a 3.5 percent down payment... and the seller may contribute up to 6% of the purchase price toward the buyer's closing costs. A family member may "give" the down payment to the buyer (s).

Here's an example:
Assume you're purchasing a $200,000 home and the seller agrees to cover all closing expenses up to 6% of the purchase price. If the seller covers your closing expenses, you'll have a $7,000 down payment ($200,000 x 3.5 percent = $7,000).

You may now buy your ideal home if your parents (reluctantly) give you $5,000 and your brother and sister each give you $1,000.
Read more.

USDA Home-Loan (Also known as the Rural home-loan Program)

The USDA loan program, administered by the United States Department of Agriculture, still offers a zero-down payment mortgage.

If you're short on funds, you'll be relieved to learn that the seller is allowed to cover your closing expenses, which are typically up to 6% of the sales price.
The USDA is a fantastic option to buy a house for a low down pay
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VA Home-Loan

The VA loan is an excellent home loan option. A VA loan does not need a down payment. The seller has the option to cover all closing expenses. The VA opposes high junk fees and does not charge a monthly mortgage insurance payment.
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