What first-time homebuyer programs are available in southeastern Pennsylvania?

First-time buyers in southeastern Pennsylvania have access to FHA loans (3.5% down), PHFA Keystone Home Loan and Keystone Government Loan programs, the K-FIT second mortgage (5% of purchase price, forgivable over 10 years), and the HOMEstead down payment assistance grant of up to $10,000. Some Montgomery and Bucks County municipalities offer additional county-level assistance.

What is the PHFA K-FIT program and how does it work?

The PHFA K-FIT (Keystone Forgivable In Ten Years) program provides a second mortgage equal to 5% of the home's purchase price (up to $15,000) for down payment and closing costs. The loan carries no interest and no monthly payment, and is forgiven in annual increments over 10 years. If you sell or refinance before 10 years, a pro-rated portion must be repaid. K-FIT must be paired with a qualifying PHFA first mortgage.

What is the minimum credit score for an FHA loan in Pennsylvania?

The Federal Housing Administration requires a minimum credit score of 580 to qualify for the 3.5% minimum down payment. Borrowers with scores between 500 and 579 may still qualify with a 10% down payment. Individual lenders may impose stricter minimums, and most Pennsylvania lenders require 580–620 or higher in practice.

Do first-time homebuyer programs in Pennsylvania have income limits?

Yes. Most PHFA programs have income limits that vary by county and household size, tied to HUD area median income guidelines. Montgomery County, Bucks County, and Philadelphia County have different AMI thresholds, so eligibility varies by location.

What defines a 'first-time homebuyer' for Pennsylvania program eligibility?

For most PHFA programs, a first-time homebuyer is someone who has not owned a primary residence in the past three years. Buyers who owned a home more than three years ago still qualify. There are exceptions for federally designated target areas, where buyers may qualify regardless of prior ownership history.

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