PFHA New Construction

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If you are looking for a new construction home in the state of Pennsylvania, then we have some great news for you!  On July 16th, the PHFA (Pennsylvania Housing Finance Agency) unveiled a new program which allows for a $6,000 closing-cost assistance.  This incentive is just another factor in the make-up of one of the greatest housing markets in decades, in addition to low interest rates and high inventory.

What is this closing-cost credit?

This $6,000 closing-cost assistance is a loan.  Amortized over ten years at whatever the new construction loan rate is, which, as of August 1st, is 4.25%.  This new incentive follows the same guidelines of any other PHFA new construction loan and is tailored specifically for new construction homes in the state of Pennsylvania.

Why is this closing-cost credit “great news”?

The new $6,000 closing-cost credit is 50% higher than the standard $4,000 closing cost assistance loan offered by the PHFA for buyers of existing homes.  The additional closing cost assistance funds will not only ease the financial strain of consumers, but is expected to stimulate the state’s housing industry as well.

In addition to this newest program created by the PHFA, there are many other incentives offered by the Agency. So, if you are looking to buy a new construction home in the Keystone State, or any other property, make sure to contact me to see which incentives will best suit you!