FHA (Federal Housing Administration):
The FHA insures the loan for the lender. It requires the buyer to carry mortgage insurance through FHA. Other requirements include:
- 3.50% minimum down payment
- down payment and closing costs may be a gift or loan from a relative
- seller assist up to 6%
- financing for one to 4 unit owner-occupied properties
PHFA (Pennsylvania Housing Finance Agency):
This option is great for Pennsylvania first-time homebuyers, plus:
- low interest rates
- higher loan to values
- possible assistance with the Keystone Plus program
Rates and terms are subject to FHA and PHFA underwriting criteria.