{"id":6803,"date":"2024-09-06T11:00:40","date_gmt":"2024-09-06T15:00:40","guid":{"rendered":"https:\/\/mortgageequitypartners.com\/delaware\/?p=6803"},"modified":"2024-09-06T15:26:07","modified_gmt":"2024-09-06T19:26:07","slug":"pennsylvania-down-payment-assistance","status":"publish","type":"post","link":"https:\/\/mortgageequitypartners.com\/delaware\/pennsylvania-down-payment-assistance\/","title":{"rendered":"Pennsylvania down payment assistance"},"content":{"rendered":"<div class=\"gca-column one-half first\"><h2>Building generational wealth with PA Housing Finance Agency<\/h2>\n<p>One of the most challenging parts of buying a home is saving money for a down payment and closing costs. Potential homeowners may have excellent credit and a stable income but may not have thousands of dollars to use for this considerable expense.\u00a0 If you live in Pennsylvania, you may be in luck! The Pennsylvania Housing Finance Agency (PHFA) offers down payment assistance through low-interest-rate loan programs. PHFA authorizes lenders like Mortgage Equity Partners to provide access to these generous programs possible.<\/p>\n<p>In most cases, to be eligible for a DPA, you need to be a first-time homebuyer. While that may seem straightforward, it is not as limiting as you think! According to <a href=\"https:\/\/archives.hud.gov\/offices\/hsg\/sfh\/ref\/sfhp3-02.cfm#:~:text=A%20first%2Dtime%20homebuyer%20is,in%20accordance%20with%20applicable%20regulations.\" target=\"_blank\" rel=\"noopener\">The US Department of Housing and Urban Development (HUD)<\/a>, a first-time homebuyer is anyone who meets the following criteria:<\/div><div class=\"gca-column one-half\"><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof 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data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_1' style='display:none'>\n                        <div class='gform_heading'>\n                            <h2 class=\"gform_title\">Contact us to see if you qualify!<\/h2>\n                            <p class='gform_description'><\/p>\n\t\t\t\t\t\t\t<p class='gform_required_legend'>&quot;<span class=\"gfield_required gfield_required_asterisk\">*<\/span>&quot; indicates required fields<\/p>\n                        <\/div><form method='post' enctype='multipart\/form-data'  id='gform_1'  action='\/delaware\/wp-json\/wp\/v2\/posts\/6803' data-formid='1' novalidate><div class='gf_invisible ginput_recaptchav3' data-sitekey='6LfKTc4UAAAAAPHanDd5FuEYe1Oj0yKmxbVTVovY' data-tabindex='0'><input id=\"input_9e4ac593f2b5cde8e633ad1c4ff5c880\" class=\"gfield_recaptcha_response\" type=\"hidden\" name=\"input_9e4ac593f2b5cde8e633ad1c4ff5c880\" value=\"\"\/><\/div>\n                        <div class='gform-body gform_body'><div 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<input name='input_2' id='input_1_2' type='email' value='' class='large'    aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/div><div id=\"field_1_3\" class=\"gfield gfield--type-phone gfield--input-type-phone gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_1_3'>Phone<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_phone'><input name='input_3' id='input_1_3' type='tel' value='' class='large'   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><fieldset id=\"field_1_5\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Are you currently working with a Loan Officer?<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_1_5'><div class='gchoice gchoice_1_5_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_5.1' type='checkbox'  value='Yes'  id='choice_1_5_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_1_5_1' id='label_1_5_1' class='gform-field-label gform-field-label--type-inline'>Yes<\/label>\n\t\t\t\t\t\t\t<\/div><div class='gchoice gchoice_1_5_2'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_5.2' type='checkbox'  value='No'  id='choice_1_5_2'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_1_5_2' id='label_1_5_2' class='gform-field-label gform-field-label--type-inline'>No<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><div id=\"field_1_6\" class=\"gfield gfield--type-text gfield--input-type-text field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_1_6'>Name of Loan Officer<\/label><div class='ginput_container ginput_container_text'><input name='input_6' id='input_1_6' type='text' value='' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_1_7\" class=\"gfield gfield--type-html gfield--input-type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><p class=\"small\"><i>Mortgage Equity Partners protects your data and does not resell or share any information submitted to us. See our <a href=\"\/privacy-policy\" target=\"_blank\">Privacy Policy<\/a>.<\/i><\/p><\/div><\/div><\/div>\n        <div class='gform-footer gform_footer top_label'> <input type='submit' id='gform_submit_button_1' class='gform_button button' onclick='gform.submission.handleButtonClick(this);' data-submission-type='submit' value='Submit'  \/> \n            <input type='hidden' class='gform_hidden' name='gform_submission_method' data-js='gform_submission_method_1' value='postback' \/>\n            <input type='hidden' class='gform_hidden' name='gform_theme' data-js='gform_theme_1' id='gform_theme_1' value='gravity-theme' \/>\n            <input type='hidden' class='gform_hidden' name='gform_style_settings' data-js='gform_style_settings_1' id='gform_style_settings_1' value='[]' \/>\n            <input type='hidden' class='gform_hidden' name='is_submit_1' value='1' \/>\n            <input type='hidden' class='gform_hidden' name='gform_submit' value='1' \/>\n            \n            <input type='hidden' class='gform_hidden' name='gform_currency' data-currency='USD' value='Umv0GrjI2JAVs7\/CVeE1LQQUZtFwa+uzgIBnyrwmyC9QNgSmrQlUoL6EUSwaG8UERgc2qFc3qYZTEvGXIGF98qTO3WgVtyBX8HwCeJGpe\/\/v+7U=' \/>\n            <input type='hidden' class='gform_hidden' name='gform_unique_id' value='' \/>\n            <input type='hidden' class='gform_hidden' name='state_1' value='WyJbXSIsImIxYWIzZDBhZDA3MWVlMGI4YzU3ODc4Yzc0MDk0NWFjIl0=' \/>\n            <input type='hidden' autocomplete='off' class='gform_hidden' name='gform_target_page_number_1' id='gform_target_page_number_1' value='0' \/>\n            <input type='hidden' autocomplete='off' class='gform_hidden' name='gform_source_page_number_1' id='gform_source_page_number_1' value='1' \/>\n            <input type='hidden' name='gform_field_values' value='' \/>\n            \n        <\/div>\n                        <\/form>\n                        <\/div><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n gform.initializeOnLoaded( function() {gformInitSpinner( 1, 'https:\/\/mortgageequitypartners.com\/delaware\/wp-content\/plugins\/gravityforms\/images\/spinner.svg', true );jQuery('#gform_ajax_frame_1').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_1');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_1').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! 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This includes a spouse (if they meet the above test, they are considered first-time homebuyers).<\/p>\n<p>So, with that in mind, let\u2019s look at some of the PHFA&#8217;s most popular down payment assistance programs for moderate-income homebuyers and first-time buyers:<\/p>\n<h3>Keystone Advantage Assistance Loan Program<\/h3>\n<p>This program offers a second mortgage loan to cover up to 4% of the purchase price or $6,000 (whichever is less) for down payment and closing costs. The loan is repaid over ten years at 0% interest.<\/p>\n<h3>Keystone Forgivable in Ten Years Loan Program (K-FIT)<\/h3>\n<p>This program provides a second mortgage loan of 5% of the purchase price or appraised value with no maximum dollar amount. The loan is forgiven over ten years at a rate of 10% per year.<\/p>\n<p>All these programs are considered subordinate loans. If you have more than one mortgage on your property, each loan has a lien position. If you default on your loan, the liens are paid in order of importance.<\/p>\n<p>Whether it is a grant or subordinate loan, repayable or forgivable, <a href=\"https:\/\/mortgageequitypartners.com\/delaware\/mortgage-products\/down-payment-assistance-programs\/\">down payment assistance<\/a> is an umbrella term used to describe programs offered by federal, state, county, and local governments. These programs are often partnered with affordable first mortgages to support homeownership for eligible potential homeowners.<\/p>\n<blockquote><p>\u201cThe programs through PHFA are great for first-time homebuyers. It is gratifying to help families who have been renting start building generational wealth by using down payment assistance programs to get into their first home,\u201d said <a href=\"https:\/\/mortgageequitypartners.com\/delaware\/patrick-brunner\/\">Pat Brunner, Branch Manager<\/a> at Mortgage Equity Partners.<\/p><\/blockquote>\n<p>The PHFA programs are designed to make homeownership more accessible for Pennsylvania residents by reducing the financial burden of down payments and closing costs. If you have any specific questions or need help deciding which program might be best for you, contact our <a href=\"https:\/\/mortgageequitypartners.com\/delaware\/our-team\/\">approved loan officers<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Pennsylvania Housing Finance Agency (PHFA) offers down payment assistance through low-interest-rate loan programs and we are officially an approved lender!<\/p>\n","protected":false},"author":2,"featured_media":6715,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"profile","_genesis_custom_post_class":"","_genesis_layout":"full-width-content","footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-6803","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"entry"},"_links":{"self":[{"href":"https:\/\/mortgageequitypartners.com\/delaware\/wp-json\/wp\/v2\/posts\/6803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mortgageequitypartners.com\/delaware\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mortgageequitypartners.com\/delaware\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/delaware\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/delaware\/wp-json\/wp\/v2\/comments?post=6803"}],"version-history":[{"count":0,"href":"https:\/\/mortgageequitypartners.com\/delaware\/wp-json\/wp\/v2\/posts\/6803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/delaware\/wp-json\/wp\/v2\/media\/6715"}],"wp:attachment":[{"href":"https:\/\/mortgageequitypartners.com\/delaware\/wp-json\/wp\/v2\/media?parent=6803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/delaware\/wp-json\/wp\/v2\/categories?post=6803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/delaware\/wp-json\/wp\/v2\/tags?post=6803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}