Pennsylvania Housing Finance Agency

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Pennsylvania Housing Finance Agency
211 North Front Street
Harrisburg, Pennsylvania 17101-1406
717.780.3800

The Pennsylvania Housing Finance Agency is the Commonwealth's leading provider of capital for affordable homes and apartments. Created to help enhance the quality and supply of affordable homes and apartments for older adults, persons of modest means, and persons with disabilities, the Agency operates homeownership programs, rental housing development initiatives, and a foreclosure prevention effort.

In its nearly 35 years of existence, PHFA has provided $8,000,000,000 of funding and tax credits for home mortgage loans and apartment units, while saving the homes of tens of thousands of families from foreclosure.

In addition to its major programs, the Agency conducts housing studies, promotes counseling and education for renters and homebuyers, encourages supportive services at apartments it has financed, administers rent subsidy contracts for the federal government, and acts as an advocate to promote the benefits of decent, affordable shelter for those who need it most.

PHFA also has a significant effect on employment. Its homeownership and multifamily rental programs offer vendors excellent business opportunities in the fields of real estate sales, development, law, construction, architecture, engineering, lending, housing management, and related disciplines. Other Agency-related measures affect employment and industry in a wide variety of fields and professional disciplines.

By carrying out its mission, PHFA helps make the Commonwealth a great place to call home.

Homebuyers

The Pennsylvania Housing Finance Agency (PHFA or the Agency) offers home purchase loans with low interest rates and fees that carry a fixed interest rate for 30 years. To date, PHFA has assisted more than 100,000 families and individuals achieve the American dream of homeownership by providing funding totaling more than $5.5 billion. Home loans are financed through the sale of mortgage revenue bonds, not tax allocations. Certain federal laws regulate the kinds of mortgages that can be offered and the borrowers who are eligible to receive them, and set other requirements such as maximum purchase price and income limits.

Eligible buyers may also qualify for a downpayment and/or closing cost assistance loan. Additionally, Access Home Modification Program loans are available to buyers who need to modify the home they are purchasing to suit the living needs of a household member with a disability. With PHFA's Purchase Improvement loan, you can make repairs to the home you are purchasing, as long as they are supported by the homes appraised value.

The loan application, processing, and closing is handled by a network of participating lenders that have been approved and trained by the Agency. PHFA then buys the loan from the lender immediately following closing and services it for the life of the loan. Therefore, you would make all of your mortgage payments directly to PHFA until the loan is paid off.

Credit counseling and homebuyer education is also available through PHFA's Comprehensive Housing Counseling Initiative. PHFA strongly encourages you to become informed consumers by meeting with a housing counselor or taking a course prior to signing a sales agreement. Buyers with a FICO credit score lower than 660 are required to attend a course prior to closing on their loan.