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Purchase Improvement Loan

December 10, 2009 Leave a comment Go to comments

PHFA’s Purchase Improvement loan allows buyers who qualify for a Keystone Home Loan or a Keystone Home Loan PLUS  to purchase and improve/repair a home within one transaction. Eligible buyers may include between $1,000 and $15,000 for repairs and/or improvements with a conventional PHFA first mortgage, as long as the As Completed appraised value supports the cost of the repairs. This allows the buyer to make needed repairs right away, without having to take out another loan at a higher rate and with a shorter repayment period.

Common repairs or improvements are:

  • Renovation of plumbing or electric systems
  • Installation of improved heating or air conditioning systems
  • Addition of living space
  • Renovation of a kitchen or bath area
  • Replacement of a roof
  • Energy conservation and solar energy improvements 
  •  

    The purchase price plus the cost of the repairs can not exceed PHFA’s applicable purchase price limit.  The loan amount will be based on the lesser of the total acquisition cost or the as completed appraised value. 

    Need more information, contact me today.  Are you ready to start looking for your new home?

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