< PHFA -Pennsylvania Housing Finance Agency

Low, Low Rates.....First Time Home Buyers

Reduced Closing Costs

PHFA Statewide Homeownership Program

Below-market rate home mortgage loans are available to qualifying homebuyers throughout the Commonwealth under PHFA's Statewide Homeownership Program. Both new and existing homes are eligible for Agency financing.

For the convenience of those interested in taking advantage of this program, we handle all loan transactions. Statewide Homeownership Program mortgage funds are available year-round.

Additional information about the program may be obtained by calling the toll-free mortgage hotline, Monday through Friday, 8:00am until 4:30pm., or by visiting the PHFA web site, www.phfa.org. or you may call an American Financial loan officer at 1-800-942-3455.

1-800-822-1174* .........*Toll-free call within Pennsylvania

Pennsylvania Housing Finance Agency

2101 North Front Street, Harrisburg, PA 17110

717.780.3800

717.780.1869 TTY

Program Requirements

You may be eligible for PHFA-financed, 30 year fixed-rate home mortgage loan if:

-You have not owned a home in the previous three years,

or

-You now own or previously owned a home but plan to buy a house in one of the 39 target counties where the first-time homeowner requirement is waived.

(to obtained a list of the Maximum Residence Purchase Price, Income Limits and Target Areas, Please visit www.phfa.org).

-The total combined present income (projected over the next 12 months) of all persons intending to occupy the home does not exceed the income limit for the county in which the home is located.

-The price of the house you intend to buy does not exceed the income limit for the county in which it is located.

-You have an acceptable credit history and the ability to make monthly payments on the home you expect to purchase. Your monthly mortgage payment, which includes principal, interest, taxes and insurance, may not exceed 33 percent of your monthly gross income.

-The total of your monthly mortgage payments and other monthly payments (car loans, installment debt, etc.) does not exceed 38 percent of your current gross monthly income.

-You have sufficient funds to pay normal fees charged by lenders in connection with the mrtgage application and closing process, such as credit reports, appraisals, title fees, etc. In addition, you may be required to pay an origination fee in th eamount of one percent of the mortgage amount and a $300 qualifying fee. We can work with you to determine specific costs. Contact us at 1-800-942-3455, or e-mail us at info@a977425.sites.myregisteredsite.com or visit us at www.betterrates.net.

-The house you intend to buy becomes your principal residence and is either a one-or two-unit dwelling. Two-unit properties are only acceptable in conjunction with FHA financing. For purchase price limits, please call the hotline.