F unding for PHFA's single family programs comes from the sale of mortgage revenue bonds to investors across the country, not from state appropriations. The Agency also makes use of other private and public sources of capital to increase its capacity to provide homeownership opportunities to as many Pennsylvanians as possible. Barbara Hafer are used to provide below market rate mortgages for eligible homebuyers throughout Pennsylvania. PHFA administers the program, which features higher maximum purchase price and income limits that the Statewide Homeownership Program. Those eligible include first time buyers, single parents, active duty military personnel, military veterans, members of the armed forces reserves and national guard, persons with disabilities, and those who have family members with disabilities living with them.
Borrowers qualify for reduced mortgage insurance and title insurance rates.
This program provides a conventional first mortgage loan for the purchase of a home along with a second mortgage loan that provides the financing needed to retrofit the home to meet the accessibility needs of the household member with the disability. The first mortgage is a fully amortizing 30-year fixed rate mortgage. The second is a deferred payment loan with no interest and only becomes due and payable upon payoff of the first mortgage, sale, transfer, refinance or non-owner occupancy of the property. This is the flagship of Agency programs. With small origination fees, liberal underwriting terms and year-round availability, the program has tremendous flexibility.