Mortgage help from the Pennsylvania Housing Finance Agency.
For homeowners in Pennsylvania who need a loan modification or people who want to buy a home, the Pennsylvania Housing Finance Agency has programs that may help. There are a number of programs offered, ranging from help with loan modifications to FHA programs, property tax help, grant money for a closing cost and more. Find help from the PHA - Pennsylvania Housing Finance Agency.
The Pennsylvania emergency mortgage assistance program, which is self-funded as the money for it comes from the state and borrowers' repayments on loans that were previously taken out, has come under review lately as the president and other states try to find a way to help the unemployed stay in their homes. So the program may eventually be copies by other states. The terms of the loan can be for as long as ten years, and it needs to be used to cover monthly payments or take care of any arrears the borrower may have.
HEMAP - Homeowners’ Emergency Mortgage Assistance Program
This program, known as HEMAP, from PHA is for struggling families or individuals. It will help is homeowners who are struggling to make their mortgage payments from something that was out of their control. Local housing and/mortgage counselors will send the Pennsylvania Housing Finance Agency applications of those homeowners who are suffering temporary hardships beyond their control, such as job loss, reduction in income, or a medical emergency.
HEMAP provides low-cost loans to eligible homeowners. It is a form of refi. It will allow homeowners to catch up on missed payments and remain in their homes. The Homeowners’ Emergency Mortgage Assistance Program will help pay any past due amount as well as set up payment plans for going forward. Those approved for the loan could have their arrears wiped out, their monthly mortgage obligation covered for an extended period of time, or both. It is very effective at preventing or even stopping foreclosures. You can contact a local community action agency to get in touch with a housing counselor to apply. Find more details on applying for housing at community action agencies.
Pennsylvania Housing Finance Agency programs that help home buyers
PHFA will help home buyers too, in particular first time buyers. The government organizations offers several affordable financing programs, including low cost loans, FHA first time buyer programs, federal options and more. Pennsylvania Housing Finance Agency will also help the low-income or people with lower credit scores get into a house.
The first option is the Keystone Home Loan Program, which is a fixed rate mortgage for first time buyers. It also focuses on veterans, teachers in PA, and those that give back. In addition, this Keystone offers flexible credit requirements, making it possible for people with questionable credit to get a loan.
PHFA also helps with downpayments. The organizations provides grants or government funds to help buyers cover the often costs associated with a home purchase, such as paperwork, down payments, legal and closing costs. The agency offers financial help in the form of a low cost down payment assistance loans that can be combined with Keystone Home Loan financing.
Contact information
Many other programs are offered as well. You can call the Pennsylvania Housing Finance Agency at 855-827-3466 to learn more about the mortgage emergency loan program.
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