Access Downpayment & Closing Cost Assistance
Fact Sheet
Program Description:
The Access Downpayment and Closing Cost Assistance Program provides mortgage
loans to assist persons with disabilities or who have a family member(s)
living in the household with disabilities who are purchasing homes and
need downpayment and closing cost assistance. This program provides a deferred
payment loan, with no interest. The loan becomes due and payable upon sale,
transfer, or non-owner occupancy of the property.
Eligible Applicants:
- Applicants must be homebuyers who are persons with a disability or have a family member(s) living in the household with a permanent disability who are purchasing a new or existing home.
- Applicants who are purchasing a home in an area that is not eligible for HOMESTEAD may apply for this loan in conjunction with a first mortgage under the Agency's Keystone Home Loan program or Keystone Home Loan PLUS program without Closing Cost Assistance. Applicants must meet all of the Agency's underwriting guidelines for the program they are applying for.
- Applicants who do not qualify under one of the Agency's first time homebuyer programs (i.e. Keystone Home Loan or Keystone Home Loan PLUS without Closing Cost) may qualify for the PHFA/Fannie Mae Disability Access Modification Loan Program.
- Applicants must also need a PHFA Access Home Modification loan.
- The household income of the applicants obtaining an Access Downpayment and Closing Cost Assistance loan whose first mortgage is obtained through PHFA's Keystone Home Loan program or the PHFA/Fannie Mae Disability Access Modification Loan program cannot exceed $48,000. When obtaining a first mortgage under PHFA's Keystone Home Loan PLUS program, the applicants household income must comply with the income limits established for this program, which are lower.
- Applicants must meet the remaining underwriting guidelines of the first mortgage.
- All applicants qualifying under the PHFA/FNMA Disability Access Modification loan program are required to complete an approved Fannie Mae Homebuyer Education program prior to closing when their middle credit score is below 660.
- Borrowers must require maximum financing.
Rates and Fees:
The Access Downpayment and Closing Cost Assistance mortgage loans are interest free and have no fees.
Mortgage Amounts:
- Not less than $1,000 and no more than $15,000. Funds will be available on a first come, first serve basis.
- This is a non-interest-bearing loan with no monthly payment. The loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property.
Program Particulars:
- The loan must be used in conjunction with a PHFA Access Modification loan.
- All Fannie Mae loans must be conventional financing.
- Any loan qualifying under one of the Mortgage Revenue Bond Programs may be Conventional or FHA.
- Minimum cash required from borrowers own funds must be at least 3% of the purchase price.
- Borrowers must attend a Homebuyer Education Program. The specific program will be determined by the requirements of the first mortgage.
- Liquid assets after closing cannot exceed $5,000.
- Assumptions are not allowed.
- The loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property.
- Property must be located in the Commonwealth of Pennsylvania.
- Property must become the borrower's principal residence.
- Program is not available with HOMESTEAD or Closing Cost Assistance.
- Assistance is based upon the individual needs of the borrowers.
- Borrowers with more than five percent down are not eligible.
- Available statewide.
