They say home is where the heart is! 🫶We say home is where you collapse after a long day slaving away in the matrix. Wake up, Neo. The microwave’s beeping. 🚨🍕
With home prices out the wazoo and a rollercoaster economy, first-time homebuyers are riding the struggle bus. 🚌 However, PA’s got some great assistance programs to help homebuying newbies get their piece of the American Dream pie.
Here’s Five Fast Facts on first-time homebuying help in PA:
- 🏘️ I’m Down If You’re Down: If your down payment is less than 20% of your home price, mortgage lenders will likely slap on private mortgage insurance (PMI). This increase in costs can be a real road block for first-time homebuyers. Through an HFA Preferred (Lo MI) loan, qualified homebuyers get access to more competitive interest rates plus down payment and closing cost assistance.
- 🫡 We Salute You - If you served our country, check this bad boy out. The Keystone Home loan program is for discharged veterans of the armed forces and buyers of homes in targeted Pennsylvania counties. The beauty of this loan is that it’s also for vets who aren’t first-time homebuyers.
- ✌️ Second String - Need help with that monster down payment? The Keystone Advantage Assistance Loan Program is a second mortgage up to 4% of the home price or $6,000, whichever is lower. This interest-free loan must be put toward your down payment or closing costs, and you’ll repay it over 10 years. The catch: this program has to be combined with one of these primary mortgages: HFA Preferred (Lo MI), Keystone Home, or K-Gov.
- 🔑 Perfect Fit - Another great program combo is the Keystone Flex plus K-FIT loan. K-FIT is short for “Keystone Forgivable in Ten Years Loan”. With a K-Fit, you’ll get down payment and closing cost assistance up to 5 percent of either the home’s purchase price or appraised value (whichever is less). The K-FIT loan is forgiven on an annual basis over ten years at a rate of ten percent (10%) a year.
- 🌟 Hometown Hero - In addition to nationwide and statewide programs, look into programs specific to your local area. For example, through Delaware County’s Homeownership First Program, qualified first time homebuyers could get up to $10,000 in down payment and closing cost assistance.
🔥Bottom line: Reminder: these programs all have super-specific requirements, so do your homework. Rumblings of a recession got you down? Chin up, buttercup. It’s all about finding that silver lining. Head over to this article for five reasons why recessions aren’t all bad news.
How’s house hunting going for you?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
