FORGIVABLE DOWN PAYMENT AND CLOSING COST ASSISTANCE LOAN.
Pennsylvania Housing Finance Agency (PHFA) forgivable down payment and closing cost assistance loan Called K-FIT, the loan is forgivable 10% a year over 10 years.
A K-FIT loan provides 5% of the lesser of the purchase price or appraised value with no maximum dollar amount. For instance, if the price of a home is $215,000, the buyer may receive $10,750 in K-FIT loan
assistance to be used toward the transaction. A borrower applying for a K-FIT loan may not have liquid assets greater than $50,000 after deducting the funds to close on the loan. All borrowers requesting K-FIT funds must have a minimum FICO score of 660. Borrowers obtaining K-FIT
funds must complete homebuyer education counseling regardless of their credit score. During the pandemic, that counseling may be completed remotely and does not have to be done face-to-face. To be approved for a K-FIT loan, all borrowers must be eligible for the KHL program and meet the K-FIT loan program eligibility requirements. CALL OR EMAIL FOR MORE INFO 215-403-3333 / MJ@MJREPHILLY.COM
First Front Door (FFD) can help qualified first-time homebuyers with closing cost and down payment. Every $1 you contribute, FFD will provide $3 in assistance, up to $5000.