Keystone Advantage Assistance Loan Program
Eligible home buyers can receive as much as two percent (2 %) of the sales price or appraised value, up to a maximum of $4,000. The closing cost assistance loan is a second mortgage designed to help eligible home buyers with the down payment and closing costs associated with the purchase of a home. The assistance loan is required to be paid back monthly and is spread over over a ten year term.
Buyers purchasing a new home (never previously occupied) are eligible for up to $6,000. The minimum loan amount is $500. There is no prepayment penalty for paying off the Advantage loan early.
Buyers purchasing a new home (never previously occupied) are eligible for up to $6,000. The minimum loan amount is $500. There is no prepayment penalty for paying off the Advantage loan early.
Keystone Advantage assistance loan can be used in conjunction with the HFA Preferred Risk Sharing™, HFA Preferred™, Keystone Home Loan or Keystone Government Loan programs and carries the same fixed interest rate as the first mortgage.
Home buyers are required to meet the prerequisites of a PHFA first mortgage along with the guidelines below:
The buyer’s cash assets can not exceed $50,000 after subtracting the money needed to close on the loan. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit and similar liquid accounts. Funds from retirement accounts such as 401(k)s, IRAs and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired.
The Keystone Advantage Assistance program may not be combined with any other PHFA assistance program, with the exception of the Access Modification Loan Program.
Home buyers are required to meet the prerequisites of a PHFA first mortgage along with the guidelines below:
The buyer’s cash assets can not exceed $50,000 after subtracting the money needed to close on the loan. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit and similar liquid accounts. Funds from retirement accounts such as 401(k)s, IRAs and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired.
The Keystone Advantage Assistance program may not be combined with any other PHFA assistance program, with the exception of the Access Modification Loan Program.
