Pennsylvania Keystone Advantage Assistance Loan
The Pennsylvania Keystone Advantage Assistance Loan, offered by the Pennsylvania Housing Finance Agency (PHFA), provides financial support to homebuyers for down payments and closing costs. This program is designed to reduce upfront expenses, making homeownership more accessible to eligible residents across Pennsylvania.
Benefits
- Offers up to $6,000 in financial assistance for down payments and closing costs, helping buyers reduce their initial out-of-pocket expenses.
- Assistance is provided as a second loan with a zero percent interest rate, repayable over a 10-year period.
- Can be paired with PHFA’s Keystone Home Loan or other mortgage programs for comprehensive financial support.
- Supports first-time and repeat homebuyers who meet program eligibility requirements.
- Encourages stable housing and long-term equity building for low- and moderate-income households.
Eligibility Requirements
- Applicants must qualify for a PHFA first mortgage to access the Keystone Advantage Assistance Loan.
- Income limits apply and vary based on household size and the location of the property within Pennsylvania.
- The property must be located in Pennsylvania and used as the buyer’s primary residence.
- A minimum credit score of 660 is required, with lender-specific underwriting criteria also applicable.
- Participants must complete a PHFA-approved homebuyer education course to ensure preparedness for the responsibilities of owning a home.
Additional Information
The Pennsylvania Keystone Advantage Assistance Loan is a vital resource for homebuyers seeking to reduce upfront costs and achieve affordable homeownership. By offering financial assistance and pairing it with PHFA’s mortgage programs, this initiative empowers eligible buyers to secure stable housing and build long-term equity. Administered by the Pennsylvania Housing Finance Agency, the program promotes sustainable homeownership and strengthens communities throughout the state.