Access Down payment and Closing Cost Assistance Program

Access Down payment and Closing Cost Assistance Program This Pennsylvania down payment program offers an interest free deferred payment second loan to people who have a permanent disability or live with a family member who has a permanent disability. To be eligible, you’ll have to be qualified for a first mortgage, meet household income limits, contribute 3 percent to 5 percent of your home’s purchase price from your own funds, and have liquid assets of no more than $5,000. The minimum loan amount is $1,000. The maximum is $15,000. This loan will become due and payable if you move out of your home or sell or transfer it to another owner.

HFA Preferred Risk Sharing (No MI)

HFA Preferred Risk Sharing (No MI) This Pennsylvania down payment program offers a conventional mortgage with a 30 year fixed rate term, structured so you won’t have to pay mortgage insurance (MI) even if your Pennsylvania down payment is less than 20 percent of your home’s purchase price. Instead, your loan might have a slightly higher interest rate. To be eligible, you must have an acceptable credit history and ability to make mortgage payments. You also must be in a low income household, based on where you live in the state and how many people live with you. You’ll have to pay an application fee and closing costs and contribute at least $1,000 of your own money toward your Pennsylvania down payment. The remaining funds can be a gift or from a Pennsylvania down payment assistance program.

HOMEstead Down payment and Closing Cost Assistance Loan Program

HOMEstead Down payment and Closing Cost Assistance Loan Program This Pennsylvania down payment program offers an interest free second mortgage toward your Pennsylvania down payment and/or closing costs. The minimum loan amount is $1,000. The maximum is $10,000. This loan will be forgiven at a pace of 20 percent per year for five years. After that, the loan need not be repaid. A 1 percent fee that the program charges can be financed by the HOMEstead loan.