Is PHFA and FHA the same?
FHA loans require a minimum down payment of 3.5 percent; 10 percent for borrowers with credit scores from 500 to 580. ... The PHFA Keystone Government Loan Program allows buyers to borrow down payment funds using a Keystone Government Assistance Loan.
Is PHFA a conventional loan?
The Pennsylvania Housing Finance agency offers a conventional loan product that is designed specifically for HFAs (Housing Finance Agencies). This product offers a fully amortized 30 year fixed rate term. PHFA offers this program through a network of approved participating lenders, with PHFA as the servicer.
How long does PHFA take to approve a loan?
Decisions will be made as soon as possible, but no later than 60 days from receipt by PHFA.
How long does PHFA take to process?
Processing time frame:
Applications are reviewed in the order received. After an initial review PHFA may contact you for additional documentation to complete your application. Once we receive all required documents, our review period may take up to thirty days.
What is the difference between FHA and PHFA?
The FHA insures loans conforming to its guidelines. The PHFA buys and services loans that meet its flexible requirements.
Does PA have a first-time homebuyer program?
The Keystone Home loan program serves first-time homebuyers, discharged veterans of the armed forces and buyers of homes in targeted Pennsylvania counties. The loans can be conventional mortgages, FHA loans, VA loans or USDA loans.
How long does PHFA take to approve?
Decisions will be made as soon as possible, but no later than 60 days from receipt by PHFA.