Interest Rates As Low as 3.25% WOW!!

I did not think this would ever happen, but now it appears that it is reality. PHFA loans are now as low as 3.25% for new Construction and 3.75% for existing Homes for sale in york pa. This is through the Keystone Home Loan Program here in Pennsylvania. The conditions and requirrements are listed below and are provided by PHFA.

 

Now is definetly the time to buy, DON'T DELAY it could cost you thousands of dollars! Call or email us at Pilgrim Team for more details and property that would qualify.

You may be eligible for a Keystone Home Loan if you meet the following six conditions:

  1. You are not a first-time homebuyer, but you plan to buy a home in a Targeted county or area or you are a discharged veteran of the United States Armed Forces. Target counties are indicated by a "T" in the listing of Purchase Price and Income Limits. Please note that some Non-Target counties have targeted neighborhoods within them. Those areas are listed by county and census tract starting on page three of the purchase price and the income limits above. To determine the census tract of a specific property, visit www.ffiec.gov, and select 'Geocoding/Mapping System'.
    OR
    You and all other adults who intend to live in the home within 12 months from closing are first-time homebuyers. This is defined as someone who has not owned (had Title to) their principal residence during the previous three years.
  2. The gross annual household income for all adults that intend to occupy the home within one year from loan closing does not exceed the Keystone Home Loan Program income limit. All sources of income must be included, except for income received by persons under age 18 and income received by dependants enrolled in a full-time undergraduate program.
  3. The purchase price of your prospective home does not exceed the Keystone Home Loan Program purchase price limit. This includes all costs for a complete home. It is also known as the total acquisition cost. The appraised value of land owned outright for more than two years does not need to be included.
  4. You have an acceptable credit history and the ability to make monthly payments on the home you expect to buy. Generally, you should plan to use no more than 30 percent of your income for your monthly Home Financing payment. A participating lender or PHFA network counseling agency can help you determine how much of a home you can afford, as well as any credit issues you may need to work on.
  5. You have sufficient funds to pay standard Home Financing application and closing fees. Check with a PHFA participating lender to determine the specific costs. These would commonly include such things as credit reports, appraisals, title fees, etc. Buyers who qualify for a PHFA home loan may be able to receive a 25 percent discount on their title insurance, upon request. This could be a savings of hundreds of dollars, depending on your loan amount. So, be sure to ask the lender to request the discount, if applicable. The discount does not apply to loan amounts greater than $200,000 or to the Approved Attorney Procedure.
  6. You have sufficient funds for a downpayment on your prospective home. Borrowers who have a downpayment of less than 20 percent of the home’s purchase price or appraised value are required to obtain Home Financing insurance to protect the lender and PHFA in the event that the mortgage becomes delinquent (you fall behind on your payments). The amount of the downpayment differs according to the loan type as listed below.

PHFA Appendix A Seller’s Guide Page 1 of 5 July 2010

 

KEYSTONE HOME LOAN PROGRAM

PENNSYLVANIA HOUSING FINANCE AGENCY

MAXIMUM PURCHASE PRICE AND INCOME LIMITS * By Region and County (Target Areas indicated by "T")

Maximum Purchase Price

Income Limit

County

Purchase Price Limit

1 & 2 Member Households

3 or more Member Households

Region 1

Bucks

$ 378,000

$ 93,900

$ 109,600

Chester

378,000

93,900

109,600

Delaware

378,000

93,900

109,600

Montgomery

378,000

93,900

109,600

Philadelphia (T)

417,000

93,900

109,600

Region 2

Berks

$270,000

$75,900

$ 87,100

Bradford (T)

298,000

77,000

89,800

Carbon

362,000

84,000

98,000

Lackawanna (T)

298,000

77,000

89,800

Lehigh

362,000

84,000

98,000

Luzerne (T)

298,000

77,000

89,800

Monroe

243,000

66,800

77,400

Northampton

362,000

84,000

98,000

Pike

348,000

76,500

89,300

Schuylkill (T)

298,000

77,000

89,800

Sullivan (T)

298,000

77,000

89,800

Susquehanna (T)

298,000

77,000

89,800

Tioga (T)

298,000

77,000

89,800

Wayne (T)

298,000

77,000

89,800

Wyoming (T)

298,000

77,000

89,800

Region 3

Adams

$ 243,000

$ 67,400

$ 77,200

Cumberland

243,000

71,000

81,600

Dauphin

243,000

71,000

81,600

Franklin

243,000

67,500

77,600

Lancaster

345,000

80,000

93,300

Lebanon

243,000

67,800

77,400

Perry (T)

298,000

85,200

99,400

York

380,000

82,400

96,100

*The maximum purchase price for a two unit property (duplex\doubles) cannot be greater than the lesser of 10% above the current existing single unit limit, or $417,000.