Keystone Advantage Assistance Loan Program
The Keystone Advantage Assistance Loan Program provides a second mortgage loan to help with the costs associated with the purchase of a home. Qualified borrowers can receive up to two percent (2 %) of the purchase price or market value, up to a maximum of $4,000 which is to be repaid monthly, amortized over a ten year term. Keystone Advantage can be used to cover the downpayment or closing costs in conjunction with the HFA Preferred Risk Sharing™, HFA Preferred™, Keystone Home Loan (FHA, VA or RD loan types only), or Keystone Government Loan programs and carries the same fixed interest rate as the first mortgage.
Buyers must meet the requirements of a PHFA first mortgage along with the criteria below:
- Assistance can only be used for the minimum required downpayment and/or closing costs.
- The minimum loan amount is $500.
- Borrower(s) liquid assets may not be greater than $50,000 after deducting the funds needed to close on the loan. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit and similar liquid accounts. Funds from retirement accounts such as 401(k)s, IRAs and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired.
- The Keystone Advantage Assistance program may not be combined with any other PHFA assistance program, with the exception of the Access Modification Loan Program.
- Keystone Advantage Assistance loans may be used on Conventional, FHA, VA or RD loans. All applicable FHA, VA or RD loan underwriting requirements apply, including loan to value and downpayment requirements.
For refinance loans, qualified borrowers can receive up to two percent (2%) of the new PHFA loan amount, up to a maximum of $4,000.