Many Americans have or will be receiving a stimulus check. Combine that with FREE money through a new program and you’ve got purchase power to buy a home! Yes, I said FREE money!
The Pennsylvania Housing Finance Agency (PHFA) mission is to expand affordable housing opportunities throughout Pennsylvania.
A new program named K-FIT (Forgiven In Ten years) is geared to assist homeowners. Qualified borrowers can get 5% of the home’s purchase price or appraised value (whichever is lesser of the two) to use toward down payment and closing costs and there’s no maximum dollar amount of forgivable funds (FREE MONEY)!
Each year, 10% of the amount is forgiven and after 10 years, the entire amount is forgiven! No monthly payment and no interest. Yes, this is FREE money!
For example, if the price of a home is $215,000, the buyer may receive $10,750 in K-FIT loan assistance.
There are requirements for eligibility. A borrower cannot have owned a home within the previous 3-years, must have a minimum credit score of 650, must attend a credit counseling session, income cannot exceed a certain amount and the home must be a primary residence. There are other criteria such as maximum purchase price based on location.
If borrowers only had 3% to use toward a home, with the stimulus check and the K-FIT program, purchase power is increased!
Reach out to me and I’ll connect you to a qualified mortgage lender who can discuss this option in-depth to see if you qualify.
Go HOME with Mary! Use my experience – I’ll coach you every step of the way.
Mary Camp, REALTOR® is with RE/MAX Properties, Ltd., Newtown. Contact her at 215-882-1064 or GoHOMEwithMary.com.
PHOTO CAP: Happy clients were surprised with the news of their offer being accepted!