Lenders and Brokers

PHFA offers home purchase loans with below-market interest rates and fees to eligible homebuyers using the proceeds from the sale of mortgage revenue bonds. These 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.

PHFA offers a number of resources to lenders including regional, on-site, and Web-based training opportunities; e-mail and phone support; and, program brochures. This Web site is also a key resource for participating lenders by providing current interest rates, program guidelines, forms, updates, and other pertinent information. It also outlines the criteria and provides the application materials for lenders and brokers that are interested in offering PHFA’s line of home purchase and assistance loans.

The network of lenders and brokers is a vital part of PHFA’s homeownership program, ensuring that all buyers in Pennsylvania have access to PHFA’s home purchase loans.

Over 28 years, the Homeowners' Emergency Mortgage Assistance Program, or HEMAP, saved the homes of more than 46,000 Pennsylvania families from foreclosure. With the conclusion of the HEMAP in 2011 and the elimination of the requirement that Act 91 notices be provided to homeowners, changes are being made in the handling of notices by lending institutions for instituting mortgage foreclosures. This topic is addressed in a joint letter by the state Department of Banking and PHFA issued July 21, 2011.