Homebuyers Start Here

How do I get started?

First, contact a PHFA-approved homebuyer counselor and a participating lender.

PHFA offers homebuyers the opportunity to receive free homebuyer counseling and education through one of its approved counseling agencies. PHFA requires borrowers with a FICO credit score lower than 680 to complete a course in-person prior to closing on their loan. 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. The counselor will be able to determine if you are ready for a home loan, and if so, how much of a home you can afford. If you're not ready, they can help you develop a plan.

The next step would be to contact one of our participating lenders. PHFA does not handle the mortgage application process. Instead, we have a network of lenders and brokers throughout the state who will process and close your loan. We then buy the loan from them immediately following the loan closing (also referred to as Settlement). You would be making your mortgage payment directly to PHFA for the life of your loan.

Counseling and Education

• Financial Education & Coaching
• Homebuyer Counseling & Education

Why should I choose a PHFA Home loan?

• Competitive interest rates.
• Fewer fees.
• 30-year, fixed rate terms.
• Can be used with conventional, FHA, VA, or RD loan types.
• Possible downpayment and closing cost assistance.
• Your mortgage is serviced by PHFA for the life of the loan.
• Special programs for persons with disabilities.
• Employer Assisted Housing available to buyers working for a participating employer.

Mortgage Programs

PHFA offers the following loan 'mortgage' programs. A homebuyer counselor or participating lender can help you decide which is best suited for you.

Home Purchase

• HFA PreferredTM (Lo MI)
• Keystone Home Loan Program
• Keystone Government Loan Program
• Keystone Flex with K-FIT
• Keystone Flex-Purchase & Improvement with K-FIT

 Learn more about our Home Purchase loan programs.

Purchase Assistance

• PHFA Grant
• Keystone Advantage Assistance Loan Program
• Keystone Forgivable in Ten Years Loan Program (K-FIT)
• Programs for Persons with Disabilities
• HOMEstead Downpayment and Closing Cost Assistance
• Employer Assisted Housing (EAH)

 Learn more about our Purchase Assistance loan programs.

Refinance Options

• HFA PreferredTM (Lo MI)
• FHA/VA Loans
• Keystone Flex

 Learn more about our Refinance loan programs.

Home Improvements/Repairs

• Access Home Modification Program
• Homeowners Energy Efficiency Loan Program (HEELP)
• HomeStyle® Renovation Program
• Purchase Improvement Loan
• PENNVEST Homeowner Sewage Program

 Learn more about our Home Improvement & Repair loan programs.

Helpful Tips

• Don't get hooked by predatory lending
• Home Buying 101: How Do I Get Started? (YouTube Video courtesy of realtor.com)
• Mortgage Basics 101 (YouTube Video courtesy of realtor.com)
• Building credit and keeping yours healthy (YouTube Video courtesy of Bank of America)
• Three Ways to Get Out of Debt (YouTube Video courtesy of TD Ameritrade)
• How to Prioritize Your Savings (YouTube Video courtesy of TD Ameritrade)
• Steps to better money management (YouTube Video courtesy of Bank of America)
• How to Budget: Three Pitfalls to Avoid (YouTube Video courtesy of TD Ameritrade)
• How to set a budget and stick to it (YouTube Video courtesy of Bank of America)
• How to Set up Your Emergency Fund (YouTube Video courtesy of TD Ameritrade)
• Strategies for paying down debt (YouTube Video courtesy of Bank of America)