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 four percent (4%) of the purchase price or market value or $6,000 (whichever is less) in downpayment and closing cost assistance to be repaid monthly. The assistance loan will be amortized over a ten year term at zero percent (0%) interest.
The Keystone Advantage Assistance can be used in conjunction with the following PHFA first mortgage home purchase loan programs:
The program that is best for you will depend on your specific circumstances, such as your credit history and amount of cash savings, as well as your individual preferences. A PHFA approved homebuyer education provider or participating lender can help you decide.
Buyers must meet the requirements of the applicable PHFA first mortgage program, and must also meet the requirements associated with the Keystone Advantage Program which are listed below:
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.