Access Downpayment & Closing Cost Assistance
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.
- 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, Keystone Government Loan, HFA Preferred Risk Sharing™ or HFA Preferred™ programs without Advantage Assistance. Applicants must meet all of the Agency's underwriting guidelines for the program they are applying for.
- 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 must comply with the applicable program's income and purchase price limits (if applicable) and cannot exceed 80 percent of the statewide family median income as determined by the Federal Department of Housing and Urban Development.
- Applicants must meet the remaining underwriting guidelines of the first mortgage.
- Borrowers must require maximum financing.
Rates and Fees:
The Access Downpayment and Closing Cost Assistance mortgage loans are interest free and have no fees.
- 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.
- 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.