Great New Loan Program Being Released by PHFA

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I'm excited to announce that PHFA has released two brand-new conventional loan programs that will help many buyers and sellers who want to purchase or refinance around our area. As you know, PHFA stands for Pennsylvania Housing Finance Agency. The new programs are the HFA Preferred and HFA Preferred Risk Sharing.

These programs are absolutely fantastic because it allows new homebuyers to only put 3% down and with lower or no mortgage insurance. Another great aspect of these loan options is that it can be used for either purchasing a home or refinancing an existing mortgage. Before, the Pennsylvania Housing Finance Agency didn't have any offerings for refinances. Now, their new loan programs will allow existing homeowners who may not have much equity to still be able to refinance their homes. Specifically, PHFA will allow homeowners to do a rate and term refinance up to a loan-to-value of 97%, e.g. for an appraisal value of $200,000, you can refinance up to $194,000.

Of course, there are a few limitations such as following the PFHA income limitations. Throughout Philadelphia, Montgomery, Delaware, Bucks, and Chester counties the maximum allowable income is $97,800. Keep in mind that the programs only apply to one-unit primary residences – no duplexes or investment properties. The interest rates are slightly higher than regular FHA or conventional loans, but as the chart in the video points out, the total monthly mortgage payment would still be notably lower in most cases.

PHFA announced the release of the new programs this past Friday, April 27th. These two new mortgage programs give prospective homebuyers and current homeowners alike more affordable opportunities to save money whether purchasing your first home or refinancing your forever home.

Make sure to contact me with any questions you have about your real estate financing needs. I am always happy to answer your questions or even run numbers for you to make sure that you have the right kind of financing for your needs.

Why work with us?

Jay Moderski has been Branch Manager of Gateway Funding since 2001. He has a professional staff that likes to keep things light and upbeat at all times! This behavior is reflected in the way his staff treats their customers. Buying or refinancing is stressful enough, but with Jay's team they take that stress away with their professional knowledge of all products to help you fully understand the loan that is best suited for you! Jay is a husband and father of 4 children, which keeps him busy when he is not working or studying for a test in the 37+ states he is licensed in!

Jay currently sits on the board for BLOCS which is an organization of local businesses that gives children of all ethnicities, incomes, and religions the opportunity of a high quality Catholic School education. His dedication to education influences all areas of his life, and his business is no exception. If you want to be properly educated and informed when making a decision as important as taking out a loan, Jay is the guy to talk to.

Jay Moderski
Branch Manager and Mortgage Originator
NMLS #: 133515
Phone: (215) 591-0222 x 1630
Fax: (215) 793-6073
Mobile: (267) 784-6957
jmoderski@gatewayfunding.com

What our happy clients have to say

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testimonials from happy clients

Rachel - "Jay was very responsive and he kept me updated on the progress of everything and made sure to explain everything to me."

Steve - "They are both efficient in what they do and if you’re looking for a lending company that is upfront with you and willing to walk you through the process, you need to use Jay and Megan."

Lelia - "We got the mortgage which is what we wanted. It met our needs and it was a pretty smooth process so we were very happy. Everyone was really accessible that was the good thing. I worked closely with Megan and she was always accessible by phone or email and they would always call back if I had questions or anything. I’ve already referred the Jay Moderski team to a close friend of mine!"

Cateria - "They were very thorough. I didn’t have a negative or nerve wracking experience because they made sure to walk me through so it wasn’t as crazy. They did a nice job for us!"

Jose - "They worked really well with us and it was a positive experience. They were very accommodating and tried to find us what we were looking for. They were clear with everything and communication was great guiding us through the whole process. Even when it was a little delayed, they just kept looking and actually ended up finding us something better than what we were expecting!"

Tracy -"The overall mortgage went smoothly. I sold my home, and everything went great. I primarily dealt with his assistant Megan. If I had a question or anything, she would always respond to my emails. She was very helpful!"

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Great New Loan Program Being Released by PHFA