CLOSING COST ASSISTANCE LOANS
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K-FIT (Keystone Forgivable in 10 Years)
Pennsylvania Housing Finance Agency (PHFA) forgivable down payment and closing cost assistance loan Called K-FIT (Keystone Forgivable in 10 Years) , 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 KEYSTONE HOME LOAN PROGRAM OR KHL and meet the K-FIT loan program eligibility requirements.
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MICHAEL JORDAN REAL ESTATE, LLC
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