Homebuying Today:
Is neither easy nor cheap. In today's market, costs are up and seller assist is rare. This leaves many would-be homebuyers struggling to save all the cash needed.
Is neither easy nor cheap. In today's market, costs are up and seller assist is rare. This leaves many would-be homebuyers struggling to save all the cash needed.
Qualified borrowers in PA can get up to 5% of the sales price of the home to pay for downpayment & Closing costs.
Get a quick idea of the costs & assistance for any home you are considering. Feel free to reach out if you have any questions.
Get up to 5% of the sales price as a Forgivable second mortgage with no payments, no interest and forgiven at 10% per year for each year the borrower retains the home as their primary residence (fully forgiven after 10 yrs).
K-FIT funds can be used with Conventional, FHA , VA and USDA loan types (must be combined with an eligible PHFA first mortgage product). With Conventional loans requiring only 3% down and FHA requiring just 3.5% down, the whole downpayment can be financed as well as some of the closing costs.
How much can this help? Below is an estimate for a home recently listed for sale in our area.
Real Life Example
Cost Summary
| Sales Price : | $279,900.00 |
| Down Payment (3.00%) : | $8,397.00 |
| Closing Costs : | $9,287.45 |
| Pre-Paids/Escrows : | $5,926.85 |
| SubTotal : | $23,611.30 |
| K-Fit Funds : | -$13,995.00 |
| You Need : | $9,616.30 |
Loan Summary
| Loan Amount : | $271,503.00 |
| Rate (APR) : | 6.500%(7.13%) |
| Loan Type / Term : | Conv / 30yr Fixed |
Payment Info
| Principal & Int : | $1,716.08 |
| Property Tax : | $344.50 |
| MI : | $158.38 |
| Ho Insurance : | $100.00 |
| Total Pmt : | $2,318.96 |
Basic Eligibility
| Credit Score of at least 660 | |
| Must be a primary residence | |
| Be a first-time buyer or: | |
| Have not owned a home in past 3yrs | |
| Phila: No need to be first-time buyer | |
| Meet County income limts: | |
| Bucks,Chester,Delaware,Montgomery: | |
| 1-2 people: | $114,400.00 |
| 3 or more: | $131,500.00 |
| Philadelphia: | |
| 1-2 people: | $137,200.00 |
| 3 or more: | $160,100.00 |
| For all other Counties: | Click Here |
| Meet County Sales Price limits: | |
| Bucks, Chester, Delaware, Montgomery: | $539,200.00 |
| Philadelphia: | $659,000.00 |
| For all other Counties: | Click Here |
| Other restrictions may apply. | |
| Contact a participating lender for more details. | |
**See important disclosures below
If you're ready to explore the possibilities and speak with a participating lender, please click below.
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