PHFA is Back in the Game: 5.375% with 0 Points
Greetings,
 
Just a short note to let you know the Pennsylvania Housing Finance Agency (PHFA) is back and better than ever. The rate has dropped to 5.375% with 0 points both for the Keystone and Keystone PLUS programs. Here are some other highlights:
 
1) Income Limits will be increased slightly for some counties effective June 1, 2009. (contact me for an updated chart).
 
2) Closing Cost Assistance has been increased to $3000, under the PLUS program, and $1500 under the regular Keystone program.
 
3) PHFA is offering a Tax Credit Advance Loan Program that may be used with  Conventional Rural Housing and soon FHA loans. This gives the borrowers up to $5000 in Tax Credit Funds at the closing.
 
4) New Program - Keystone Government Loan Program  is available to buyers purchasing their primary residence using a Government loan (FHA, VA or RHS). The differences are no income limits, purchase price limits, and no first time buyer requirements... Giving the Buyer the same low PHFA rate. 
 
Remember, Gateway Funding is a DELEGATED LENDER with PHFA... allowing for quicker closings because we underwrite and close the loans out of our Horsham office.
 
Call me for further details or if you would like to arrange a seminar for your office or team.
Moseng Mortgage Team
Gateway Funding
300 Welsh Road
Building 5
Horsham PA 19044
Direct Line: 215-619-4841
Office: 215-591-0222 Extension: 1192
Cell: 267-334-1555
Fax: 215-793-8308
E-mail: pmoseng@gateway-funding.com
URL: http://www.paulmoseng.com