What is the Pennsylvania Keystone Home Loan Program?
The Keystone Home Loan Program offers low-interest, fixed-rate mortgages to eligible homebuyers in Pennsylvania, making homeownership more affordable.
Who qualifies for the Keystone Home Loan Program?
Eligibility is open to first-time homebuyers or those who have not owned a home in the past three years. Exceptions apply for buyers in targeted areas and qualified veterans.
Does the program include down payment assistance?
The program does not directly provide down payment assistance but can be paired with other Pennsylvania Housing Finance Agency (PHFA) assistance programs for eligible buyers.
What is the minimum credit score required for the program?
A minimum credit score of 660 is typically required, though higher scores may improve eligibility and loan terms.
Are there income limits for the Keystone Home Loan Program?
Yes, income limits apply and vary by household size and property location. These limits are updated annually to reflect current market conditions.
What types of properties are eligible for the program?
Eligible properties include single-family homes, condominiums, and manufactured homes. All properties must meet program guidelines and be used as the buyer’s primary residence.
Can the program be used for newly constructed homes?
Yes, newly built homes are eligible as long as they meet the program’s guidelines and will be the buyer’s primary residence.
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Get Started NowIs homebuyer education required for the Keystone Home Loan Program?
Yes, completing a homebuyer education course is mandatory for first-time buyers to ensure they are well-prepared for homeownership.
What is the maximum purchase price allowed under the program?
The maximum purchase price varies based on the property’s location and whether it is in a targeted or non-targeted area, but it typically ranges up to $400,000.
Can the Keystone Home Loan Program be combined with other assistance programs?
Yes, the program can be combined with other PHFA assistance options, such as the Keystone Advantage Assistance Loan, to provide additional financial support.
Are there debt-to-income (DTI) ratio limits for the program?
Yes, the program typically allows a maximum DTI ratio of 45%, although exceptions may apply based on other financial qualifications.
What fees are associated with the Keystone Home Loan Program?
Standard loan-related fees, such as origination, appraisal, and closing costs, may apply. Borrowers should confirm these costs with their lender.
What happens if I sell or refinance my home after using the Keystone Home Loan Program?
There are no penalties for selling or refinancing; however, certain additional assistance options paired with the program may have specific requirements or repayment conditions.
Can the program be used to refinance an existing home?
No, the Keystone Home Loan Program is specifically designed for purchasing a primary residence and does not apply to refinancing.
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Get Started NowAre there reserve requirements for the program?
No specific reserve requirements are mandated, but having financial reserves may improve an applicant’s overall loan profile.
Are there location restrictions for the program?
Yes, the property must be located in Pennsylvania, and additional guidelines may apply depending on whether the home is in a targeted or non-targeted area.
What are the benefits of the Keystone Home Loan Program?
The program provides low-interest rates, fixed mortgage terms, and access to additional assistance programs, making homeownership more accessible for eligible buyers.
How do I apply for the Keystone Home Loan Program?
Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application process.
What is the loan term for the Keystone Home Loan Program?
The program offers a 30-year fixed-rate mortgage, providing predictable monthly payments and long-term stability.
Can veterans benefit from the program?
Yes, qualified veterans are exempt from the first-time homebuyer requirement and may be eligible for additional benefits through the program.