Home Builders
PHFA's home purchase loans carry lower-than-market, 30-year fixed interest rates. Buyers save on fees, as well, including
a 25 percent discount on title insurance for most loans. Buyers may also qualify for closing cost and/or downpayment
assistance. Also, the savings in energy costs that result from high energy efficient homes can count as qualifying income
by lenders. These benefits mean buyers have more purchasing power and therefore a larger selection of homes from which
to choose.
PHFA offers a 240 day rate lock for no additional fee and at the same low rate as that for existing homes!
PHFA financing may be used as the end loan with either one settlement date or two. Property guidelines generally follow those of
Fannie Mae for conventional loans or the respective federal agency for government insured/guaranteed loans.
PHFA's home loans are originated, processed, and closed by a network of approved participating lending institutions.
The loans and servicing rights are then purchased by the Agency following settlement. PHFA loans are also originated by
approved mortgage brokers who obtain sponsorship from a participating lender.
